Laura Ashley reports higher revenues at Irish subsidiary

Fashion-to-furnishing retailer Laura Ashley recorded a 39 per cent rise in revenues at its Irish subsidiary for the 74-week period ending June 2016.

Accounts recently filed for Laura Ashley (Ireland) Limited, which operates five standalone stores in the Republic, along with a concession in House of Fraser in Dundrum Town Centre, shows it recorded a €249,000 pretax loss versus a €531,370 for the 53 weeks to the end of January 2015.

Revenues rose to €12.7 million from €9.16 million. Turnover from home furnishings, which provide 89 per cent of total sales, increased to €11.4 million versus €8.2 million in the earlier period. Fashion-related sales totalled €1.4 million, up from €900,000.

Cost of sales rose to €6.7 million from €4.4 million while distribution expenses jumped from €3.68 million to €5.29 million. Cost of inventories as an expense increased from €3.8 million to €5.7 million.

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The company employed 63 people at the end of June 2016. Employment costs totalled €2.39 million, up from €2.6 million a year earlier, when 57 people worked for the retailer.

Director Marese Gallagher was paid €57,618 in remuneration, the accounts show.