Laura Ashley sees sales rise

Home furnishings and fashion retailer Laura Ashley reported a 9.7 per cent rise in sales this week after the group said it saw annual profit slightly above the top end of broker forecasts. In the UK, like-for-like sales were down 6.7 percent in the 52 weeks to January 28, with an expected 25 percent fall in UK fashion and 1.3 percent fall in home furnishings. Laura Ashley said home furnishings finished the year strongly with positive like-for-like figures in the last quarter of the financial year, boosted by a successful sale period and a good reaction to new product ranges.

The Group further stated it was on track with its strategy to realign its store portfolio but the UK retail environment continued to pose challenges. According to Reuters, shares in Laura Ashley were up 8.1 percent valuing the group at around 125 million pounds. The shares earlier hit a high of 18p.