Pre-tax profits at Laura Ashley almost halved to £10.2m in its full year to January 31 but group sales grew 9.6 per cent to £207m.

Its fashion sales performed particularly well, up 3.6 per cent on a like-for-like basis for the year. Big-ticket sales were hit by the difficult trading environment with furniture sales plummeting 19 per cent like-for-like for the year.  

Laura Ashley chairman Dr KP Khoo said: “In a period of extraordinary economic difficulties I am pleased that Laura Ashley has remained resilient.

“The strength of our brand, distinctiveness of our products and loyalty of customers are critical factors which will continue to enhance our efforts to grow both in the UK and internationally.”

Current trading has been positive helped by continued promotional activity with like-for-like sales up 5.3 per cent in the seven weeks to March 21.

Laura Ashley said that its ongoing store alignment programme would continue this year, but at a slower rate, and that it would focus expansion through its international business.

Laura Ashley plans to open around 80 stores in China and has signed a new franchise agreement with a Middle Eastern partner to open 20 stores in the region over the next 5 years. 

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