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.
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.