istockAnalyst.com:
Sales are on the slide at Laura Ashley, but only because it is shutting stores it no longer wants, claims the clothes and curtains retailer.
In the 17 weeks to May 28, sales are down 4.5 percent. Laura Ashley has shut 19 shops in the past two years.
“The decline in total sales was largely due to the closure of unprofitable stores and the continuing store realignment programme,” said the company.
Like-for-like sales are down a less dramatic 1.3 percent.
Meanwhile the group’s franchising and licensing business continues to expand.