Laura Ashley hit by slowdown
May 29, 2008
Laura Ashley saw a dip in their shares after revealing a fall in sales. This is more than likely due to consumers being hit by the credit crunch.
The home wares and fashion retailer reported a 7.6 per cent drop in sales for the first quarter of the year, compared to the same period last year.
A spokesperson for the group that Laura Ashley belongs to said “The uncertainty arising from the current economic climate and its effect on retail from weaker consumer spends coupled with the opening of our new stores impacting existing stores have affected our sales.”
Shares in Laura Ashley slipped 0.75p to 25.25p after the news of a drop in sales. Investors have been assured that profits will be in line with forecasts.
www.laurashley.com
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