Sofa retailer is cash cow
Sofa retailer Land of Leather has unveiled a 4.5 per cent like-for-like sales increase in its preliminary results published today. Operating profit rose 18 per cent to£14.3 million for the year ending April 1. Group revenue was up 24 per cent to£193.9 million.

Chairman Roger Matthews said: 'This year has been a particularly challenging time for the retail sector and it is evidence of the success of our business model that we have significantly increased revenue and market share.'

Land of Leather operates 76 stores in the UK and Republic of Ireland. The management remains confident that it can achieve its roll-out target of 10 stores this year, with the aim of almost doubling its portfolio to 140 stores by 2012.

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