Laura Ashley has seen full-year pre-tax profits grow 9.2%, despite fashion sales falling 5.6%.
The fashion and homewares retailer saw total group sales climb 4.5% to £298.8m for the year to January 26, with UK retail sales up 3.1%, accounting for £263m of the total. Like for likes grew 2% with the business saying it had registered growth across “most” categories.
Ecommerce, franchising, licensing and wholesale grew 17% in the period, and now accounts for 26.7% of total revenues, up from 23.8% last year. International business grew 13.3%.
However fashion sales fell 5.6%, with like-for-likes dropping 4.8%.
Its net cash has dipped marginally from £35m last year to £34.6m currently.
Laura Ashley chairman Tan Sri Dr K P Khoo said the retailer had “maintained the progress of recent years”.
He added: “We are confident that, despite an extremely competitive retail sector and a challenging consumer environment, both our business and brand are able to continue the steady and robust progress of recent years. As we continue to expand both globally and online, we believe that our quality product ranges, based on sixty years of innovative design and a rich brand heritage, underpin the foundations of our future growth.”
Laura Ashley has recorded like-for-like sales growth of 2.7% in the first two months of the current financial year, which Khoo described as “an encouraging start to the year”.