Laura Ashley prints are back in fashion after retailer cuts prices
LAURA Ashley says customers fell back in love with its floral patterns in the second half of its year after a tough first half dragged full-year sales down 1.4 per cent to £294.5m.
Finance chief Sean Anglim admitted that it may have alienated its core customers by making its clothing too expensive after fashion sales – which account for a fifth of the business – fell 6.5 per cent.
“We spent a large part of the first half looking at every part of the range and spoke to a lot of our customers and were able to get a lot of information on what they liked from prints to quality, fit and price,” Anglim said. “We took certain categories where we were maybe overpriced like separates, knitwear and trousers and brought them down to a more acceptable level,” he added.
After declining 2.2 per cent in the first half, total like-for-like sales in the last six months of the year to 25 January rose by 1.2 per cent, which Anglim attributed to a stronger Christmas quarter.
Profits before tax and exceptional items fell four per cent to £19.3m, although this was £1m above analyst Cantor Fitzgerald’s expectations.