The clothes and home furnishing retailer, Laura Ashley Holdings Plc, said it was on track for recovery with its Christmas and second half sales showing solid growth.
The company said in a trading update that like-for-like sales were up 7% in the six-week Christmas period ended January 6.
The group, which is 40% owned by Malayan United Industries Bhd, said like-for-like sales were up by 12% for 23 weeks ended January 6, but overall gross margin was down by one percentage point.
The increase comes at a time when the retailer has said a strong improvement on the second half of 1999 would be difficult as it saw an exceptionally large boost in demand from people wanting to refit their houses in preparation for the millennium.
The retailer which now sells its products in some 390 company-owned and frachised stores, in Ireland and Britain, said in September it planned to open some 100 freestanding home furnihsing stores over the next five years. The company has just returned to profitability in the first half, after years of hardship plagued by poor sales and management upheavals.
