Like-for-likes down
Land of Leather posted sales up 22 per cent to£115.8 million for the 26 weeks to January 28, but like-for-like sales fell 0.7 per cent because of tough trading in January.

The sofas retailer said that sales order intake was up 22 per cent and gross margin was up 2.9 per cent to 45.1 per cent, which helped deliver a pre-tax profit hike of 33 per cent to£8.4 million.

Chairman Roger Matthews said: 'We are pleased to report excellent profit growth for the first half. A difficult January Sale will affect delivered sales in the second half of the year and the gross margin is unlikely to be as strong as the first half due to planned promotional activity, but full-year profits to July 29 this year are expected to be in line with market expectations.

'We remain confident that our specialist value-orientated offer and new store programme will enable Land of Leather to continue to deliver significant growth, despite the fact that trading conditions are likely to be challenging,' he added.

Land of Leather has 93 stores and will open two more in Oxford and Birmingham at the end of the financial year.

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