Laura Ashley share price tumbles after warning on profits and exceptional charges

 
Oliver Gill
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Laura and Bernard Ashley started printing fabric on their kitchen table in London in 1953

Shares in high-street mainstay Laura Ashley plummeted over 15 per cent after the firm warned on materially lower full-year profits.

The retailer also revealed in an announcement just after lunchtime it will shoulder a £2.8m charge due to the revaluation of a freehold property.

Laura Ashley, which has a history charting back to 1953, revealed earlier this year that half-year profits had fallen to £7.6m from £11.0m. This led to chairman Tan Sri Dr Khoo Kay Peng warning full-year figures will fall below market expectations.

Read more: Laura Ashley shares dive after falling out of fashion

And in a short statement today the firm said “trading conditions have continued to be demanding” and the board expects profits to be “materially below market expectations”.

In February, Laura Ashley’s six-month figures were hit by currency headwinds and the implementation of the new minimum wage.

Read more: Flower Power: Laura Ashley plots expansion in Asia

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