Sales and profits at fashion and homeware retailer Laura Ashley tumbled in the year to 30 June, on the back of “challenging” trading conditions and weaker sterling.
Pre-tax profit for the 52-week period plunged to £6.3m from £22.8m. However, the company’s previous reporting period ran over 74 weeks.
Sales fell 3.1% on a like-for-like basis compared with the 74-week period last year, but like-for-like online revenues grew by 5.6%.
The board, which paid a 0.5p dividend at its half-year, will not pay a full-year dividend.
Laura Ashley chairman Khoo Kay Peng said: “Trading conditions have been challenging … The impact of weak sterling has also contributed to the overall fall in profit which the Group has experienced.
“We are focused on addressing the challenges which our business has encountered over the past year and are confident that we are well-positioned to overcome them.”
He added that the business signed a new licence partner in India earlier this year, and is opening its first Indian store next month. It also launched its Chinese website in November. He also said 33% of its sales come from products manufactured in the UK.
Earlier this month, Laura Ashley issued a profit warning – its second this year.