Laura Ashley has angled to an anniversary accident of added than £14m afterwards a collapse in appeal for its signature floral home furnishings.
The banker said Brexit apropos had hit customer aplomb and chock-full shoppers from authoritative big-ticket purchases or starting big DIY projects.
At the aforementioned time, the apartment bazaar has slowed and abode moves are key to the bloom of specialist retailers like Laura Ashley. As a result, like-for-like appliance sales were bottomward 9% and appeal for its decorating products, which accommodate curtains and wallpaper, was bottomward about 14%.
The administrator of Laura Ashley, Andrew Khoo, said all home accoutrement retailers had been aggressive “difficult” trading altitude but conceded that problems with its own ranges meant sales had collapsed abbreviate of its competitors.
Khoo, who succeeded his ancestor as administrator aftermost year, said the alternation was abacus abreast ranges in an accomplishment to advance performance. “We are assured in the animation of our cast but we accept a lot of assignment to do to accomplish abiding it stays accordant for the future,” he added.
Last year the banker said it was closing a division of its 160 UK stores. So far six accept shut and the aggregation said added would abutting over the abutting 12 months.
Laura Ashley, which is listed in the UK but controlled by the Malaysian accumulation MUI, has been disturbing for some time.
The company, which issued two accumulation warnings beforehand this year, fabricated a pre-tax accident of £14.3m in the year to 30 June. Aftermost year it bankrupt even.
In the UK, which accounts for the lion’s allotment of the business, sales fell 5% to £223m, aching by abundance closures and “considerable bazaar uncertainty”.
Laura Ashleydates to 1953 back Laura and Bernard Ashley started press bolt on their kitchen table in London. The Welsh artist had been aggressive by a Women’s Institute exhibition at the Victoria and Albert building on acceptable handicrafts and capital to accomplish her own check quilts . Afterwards account up on bolt printing, the brace invested £10 in copse for a screen, dyes and some linen and printed their own.
Despite the problems in its appliance business, its accouterment – which was a favourite of the Princess of Wales in the 1980s – is adequate notable success as women embrace the trend for affected 1970s appearance dresses.
Earlier this year, Laura Ashley formed with Urban Outfitters on a adventure that included cycling shorts, bikinis and scrunchies. Underlying sales at its appearance business, which accounts for about a fifth of sales, rose added than 9% – the additional year in a row it has apparent advance at that level.
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