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

Oliver Gill
Follow Oliver
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

Related articles