UK: Laura Ashley sales declines continue
Laura Ashley's total retail sales dropped 2% in Q3
UK retailer Laura Ashley has revealed a further decline in sales as it prepares for its key Christmas trading period.
In the 19 weeks ended 7 December, total retail sales dropped 2% year-on-year, with like-for-like sales decreasing 0.7%.
The declines follow a first-half drop in revenues of 5.9% in September.
E-Commerce recorded sales growth of 1% in the period, but for the full year to 7 December, total sales fell 2.1%, with like for like sales sliding 1.6%.
Laura Ashley said Christmas and January combined is a key trading time for the group, with much of the second half profitability generated during this period, although recently-signed licensing agreements will also boost profits next year, it said.
LAURA ASHLEY HOLDINGS PLC
Interim Management Statement
13 December 2013
Laura Ashley Holdings Plc ("Laura Ashley") announces its Interim Management Statement for the 19 weeks to 7 December 2013.
In the first 19 weeks of the second half to 7 December 2013, total retail sales decreased by 2.0% year-on-year, with like-for-like sales decreasing by 0.7%.
E-Commerce recorded sales growth of 1.0% in the same reporting period.
For the full year to 7th December 2013, total sales have fallen by 2.1% with like for like sales decreasing by 1.6%.
Some significant new licensing agreements have been signed this year which will benefit Group profits next year albeit licensing revenue is forecast to decline this year by 16%.
Christmas and January combined is a key trading time for the Group, with much of the second half profitability generated during this period.
Two stores have been opened this year and six closed in our UK retail business. Internationally, 23 franchise stores have been opened taking the total number of franchise stores to 289.
Original source: Laura Ashley
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