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Profit warning from Laura Ashley

Laura Ashley has warned that profitability will be ‘significantly’ below expectations after ‘very demanding’ trading conditions.

‘Trading conditions have been very demanding over the third quarter. The board of the company have reviewed the revised full year forecasts for the year ending 30 June 2019 and expect the results to be significantly below market expectations.’

The group broke even on a pre-exceptional basis in the six months to 31 December but had a £1.5m exceptional loss. It also blamed lower home furnishings sales and revenue disruption caused by the change in its Japanese franchise partner.