Source AP ©

Laura Ashley's profit more than tripled

Business print

A British clothing retailer known for its floral designs Laura Ashley PLC announced Monday that its -half profit more than tripled after reorganizing the business.

Net income for the 26 weeks through 28 July rose to 4.2 million pounds (US$8.4 million; EUR6.8 million) from 1.9 million pounds in the same period a year earlier, the company said in a statement. Sales rose 6.9 percent to 113.9 million pounds (US$227 million; EUR164.9 million).

"The improved profitability is a result of our successful store realignment program, improved product offering and continued focus on operational efficiency," the company said

The share price gained 4.6 percent to 23 pence (US$0.46; EUR0.33) on the London Stock Exchange.