Soggy weather hits fashion sales at Laura Ashley

13th Jun 2013 07:35

Fashion and furnishings retailer Laura Ashley reported a decline in like-for-like sales in the first 18 weeks of the current financial year as a strong performance from home furnishing was overshadowed by weak fashion sales.Total retail sales fell by 0.6% year-on-year, with like-for-like sales also falling by 0.6%. "We have seen a strong performance and like-for-like growth in our home furnishings business but fashion has under performed, partly due to the impact of unseasonal weather during the period," Laura Ashley explained."We are continuing to improve and enhance our fashion range and are optimistic that this will be reflected in our second half performance," it added. Two retail stores have been opened and three closed so far this year.Otherwise the group's E-Commerce channel recorded solid sales growth of 4.4% in the 18 weeks to June 1st 2013. Its franchise business added 10 new shops during the period and three new franchise agreements have been signed since January 26th 2013, bringing the total number of shops to 276 shops in 31 countries.Laura Ashley shares slumped 8.9% to 25.50p at 08:00 in London.