Home furnishings and fashion business Laura Ashley has posted disappointing results for its first half. Like for like sales for the six months to 31st December had fallen by 0.5 per cent and its pre-tax profits were down by 44.8 per cent to £4.3 million. The retailer is not alone in finding that trading conditions are challenging and has said that the falling value of Sterling has been the single most significant factor in its drop in profits.
Commentators are saying that the furniture market in particular is having a very tough time with a number of businesses having entered administration due to consumers’ overall lack of confidence in making larger purchases. Fashion retailers are also coming under severe pressure.
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