Laura Ashley sales up, boosted by furniture and home accessories

Laura Ashley reported a rise in full-year profit as sales advanced, with furniture and home accessories driving the growth.

For the 74 weeks to the end of June, pre-tax profit including exceptional items was up a touch at £23.9m from £23.5m, while sales came in at £400.9m from £303.6m. Laura Ashley changed its year-end last year, so the figures are compared to a 53-week period last year.

The group took a £1.3m charge after a licence partner in Australia was placed into administration.

Like-for-like sales were up 4.1% over the 74-week comparison, while online sales increased to £73.5m from £48.5m.

Total UK retail sales came in at £363.2m, driven primarily by sales of home accessories and furniture, with fashion faring the worst out of the categories.

The company declared a final dividend of 0.5p per share, taking total dividends for the period to 2.5p.

Chairman Tan Sri Dr Khoo Kay Peng said: "I am pleased with the overall performance of the business. Continued like-for-like growth in the UK market, boosted by the good performance of our digital channel, is encouraging.

“The company will continue to focus on enhancing the design and quality of its product ranges upon whose provenance the Brand has been built. In a time of uncertainty for retail and the global economy at large, I am optimistic and confident that Laura Ashley will remain a business with solid foundations to withstand challenges as they arise."

Laura Ashley said trading for the six weeks to 13 August was in line with management expectations.

At 0940 BST, shares were up 3.2% to 21.94p.