February 16, 2017 / 7:40 AM / 7 months ago

UK's Laura Ashley sees FY pretax net profit below expectations

Feb 16 (Reuters) - British fashion and homeware retailer Laura Ashley Holdings Plc said pretax net profit for the year ending in June 2017 would fall below market expectations due to tough trading conditions.

Total group sales fell 2.5 percent to 146 million pounds, for the 26 weeks to Dec. 31, while like-for-like retail sales fell 3.5 percent in the period.

The company 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. (Reporting by Rahul.B and Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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