4 Jun 2010 07:00
LAURA ASHLEY HOLDINGS PLC
Interim Management Statement
4th June 2010
Laura Ashley Holdings Plc today announces its Interim Management Statement for the 17 weeks to 29 May 2010.
In the first 17 weeks of our current financial year ending 29 January 2011, total UK retail sales increased by 6.2% year-on-year (like-for-like sales increased by 5.3%). Within this figure, our online sales have grown by 74% over the period and although Mail Order sales have declined by 26%, the combined Direct Sales channel has increased by 42%.
No new stores were opened and two were closed in the UK since our last announcement. We currently have 229 stores in the UK and Republic of Ireland.
Our franchising and licensing network has expanded with several new agreements having been signed. We have a new South Korean franchise partner who has committed to grow the brand presence over the next five years. There are now 233 franchise stores globally in 26 countries, an increase of three stores since the year end. We will continue to develop our international business through our strong partnerships.
Despite the current economic uncertainties, we remain confident of continued growth in 2010 built on the platform of a strong balance sheet with no bank borrowing, a strong brand and a distinctive product offering. Maximising operational efficiency will continue to be a key focus for the management team. Although at an early stage in the year, we expect full year trading to be in line with expectations.
Enquiries:
Tom Buchanan / James Olley Brunswick 0207 404 5959
Seán Anglim Laura Ashley 0207 880 5100