P.M. BRIEFING : Laura Ashley Loses $16 Million
From Times Wire Services
LONDON —
Laura Ashley Holdings PLC, the British retailer famous for its flower print dresses and English country look, said today it suffered a $16-million net loss in its latest fiscal year.
The company cited disappointing clothing sales in the United States and declining fabric and wallpaper sales in Britain.
The loss for the year ended Jan. 27 compared to net profit of $13.7 million in the previous year.
Sales rose 18% to $483.5 million from $411 million.
Laura Ashley said it is embarking on a major cost-cutting and streamlining program that “might include the disposal of certain businesses or assets, the reduction of stock and the restriction of new shop openings.” It operates 481 stores.
