Trading deteriorates at Laura Ashley

31st Mar 2011 08:18

Fashion and home furnishings group Laura Ashley said full year pre-tax profit more than doubled on improved demand from its stores and franchise business but warned that trading since February has deteriorated as UK consumer spending weakens."There has been a decline in performance since the beginning of February, which we attribute to a general weakening in the consumer economy," the group said in a company statement.Profit before taxation increased to £24.1m for the 52 weeks to 29 January 2011 from £11m the same time a year earlier. Revenue increased to £285m during the period from £268.4m previously. For the 8 weeks to 26 March 2011, like-for-like UK retail sales fell by 4.2%. "We believe that our strong product offer and brand, robust balance sheet and continued operational efficiencies give us a sound base to face the tough outlook ahead," the retailer said.A final dividend of 1p has been declared, making a total dividend of 1.5p for the year, up 50% from the previous year. CJ