2 Jun 2009 07:00
LAURA ASHLEY HOLDINGS PLC
Interim Management Statement
2 June 2009
In accordance with standard practice, Laura Ashley Holdings Plc today announces its Interim Management Statement for the 17 weeks to 30 May 2009.
In the first 17 weeks of our current financial year ending January 2010, total UK retail sales increased by +8.4% due mainly to the continuing targeted promotional activity during this period and the increase in our retail selling space from stores opened in the previous year. In line with expectations that the general economy will continue to be challenging and unpredictable, we have taken our store portfolio realignment programme at a more considered pace with one new store opened in the UK and 3 in France during this period. We now have 229 stores in the UK and Ireland and 7 stores in France.
In tandem with the improvement in UK retail sales, LFL sales improved by 6.9% compared to the same period last year despite the economic uncertainty impacting consumer confidence and spending patterns.
In line with our development of our franchise and licensing business, we now have 222 franchised stores internationally and our partners are committed to open more over the current year and years ahead.
Our E-Commerce and Mail Order sales grew by 11.0% mainly driven by the growth in E-Commerce sales of 41.6% set off by a decline in Mail Order sales by 24.2%.
Our Balance Sheet remains healthy with no borrowings.
Despite the challenging economic environment, the Board remains cautiously optimistic for the current year.
We continue to focus on our strong brand and compelling product offering combined with our focus on maximising efficiencies. We will continue to develop our business internationally through our strong partnerships.
Enquiries:
Rebecca Navarednam Laura Ashley 0207 880 5100