LONDON: British fashion and homeware retailer Laura Ashley Holdings Plc said net pretax profit for the year ending in June 2017 would fall below market expectations, citing a softening market and rising cost pressure.
Shares in the company fell as much as 12 per cent to 16.5 cents, their lowest since August 2011, in morning trade on the London Stock Exchange.
Laura Ashley said it continued to face challenges such as failure to meet sales and margin targets, maintain and raise its market share and to optimise its store portfolio.
British consumers reined in their spending last month, an industry survey showed last week, adding to signs that they are turning more cautious as last year’s Brexit vote pushes up inflation. — Reuters
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