Laura Ashley Profit Up, Sees Continued Growth

Reuters:

British fashion and homewares retailer Laura Ashley Holdings Plc posted a 5.2 percent rise in full-year adjusted pretax profit, boosted by sales through the Internet and at its UK stores, and said it expected continued growth in the current year.

Shares of the company were up 11.5 percent at 14.5 pence at 1122 GMT on Thursday on the London Stock Exchange.

Laura Ashley cut its 2010 dividend by 20 percent to 1 pence.

The company, which recently signed a Korean franchisee agreement, is exploring expansion opportunities in Indonesia, Thailand, India and Russia, Chief Executive Lillian Tan told Reuters.