Laura Ashley has plunged into the red after dwindling demand for its furniture and decorating products dragged sales lower
- partly blamed on weak consumer confidence.
The homeware and clothing retailer said it was planning to spruce up its product ranges as it reported a £14.3m loss for the year to the end of June compared to a profit of £100,000 a year ago. It is also closing a handful of its UK stores over the coming year, adding to six shut in 2018/19. The results follow twoChairman Andrew Khoo said:"The last twelve months have proved to be a difficult trading period for the group and indeed for the retail sector as a whole."
He said the main causes of the fall in profit were the sales performance of its home furnishing ranges and problems caused by changes to its website late last year.Like-for-like retail sales fell by 3.5% though the figure masked a much bigger decline for UK sales of furniture, down 9%, and decorating, down 13.7%.More from Business
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