EARNINGS : Laura Ashley Profits Dip 95.1%
LONDON — Laura Ashley, the troubled British fashion and home furnishings group, today announced that profits fell 95.1% in the first half of the year.
Pretax profits plunged to $630,000 in the six months ended July 28 from $12.9 million in the same period last year. The company also skipped a dividend payment.
The fashion chain grew from a cottage industry run by the late Laura Ashley into one of the world’s best known retailers of floral fabrics. But its business slid as British interest rates soared, crimping consumer spending.
Last month, the group decided to close factories and cut jobs. Although there is little prospect for a recovery this year, Chairman Sir Bernard Ashley said rationalization should help the company turn the corner in 1991.
Laura Ashley died in 1985, at age 60, after a fall.
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