Laura Ashley Shares Drop on Profit Warning

Laura Ashley shares initially fell by 20% last week, following the issue of a new profit warning which warned investors to expect figures 'significantly below market expectations'. 

In a statement, the retailer advised of demanding trading conditions over the third quarter, following a disappointing six-month performance for which it reported a £1.5m loss and a 4% decline in like-for-like sales.

In December, Laura Ashley announced its intention to close around 40 stores, reducing its estate to around 120 branches.  The company also announced a planned focus on Asian markets, stating that it is "moving to Asia in a much bigger way".

Laura Ashley will announce its full-year results for the 52 weeks to 30 June 2019 on 22 August 2019. 

Source : Insight DIY Team

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