Laura Ashley finance chief Sean Anglim to step down
Laura Ashley said on Monday that finance director and joint chief operating officer Sean Anglim has resigned after more than 20 years at the company.
Laura Ashley Holdings Plc
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10:34 07/05/24
Anglim, who will be succeeded by Sagar Mavani, will step down at the end of the year.
"The board would like to take this opportunity to thank Mr Anglim for his contribution during his tenure with the company and to wish him the very best for the future," it said.
In August, the retailer said it swung to a full-year loss as sales fell amid weakness in the home furnishings business.
In the year to 30 June 2019, Laura Ashley swung to a pre-tax loss of £14.3m from a profit of £100,000 in 2018 as total group sales declined to £232.5m from £257.2m. Total like-for-like retail sales were down 3.5%, while fashion LFL sales were 9.2% higher. Meanwhile, online revenue dropped to £51.2m from £59.7m.
Chairman Andrew Khoo said it had been a "difficult" year for the group and the sector as a whole. He attributed the drop in profit to the performance of the home furnishings business and the website following a re-platforming exercise which took place in November 2018.
"We have focussed on the reasons why Home Furnishings have underperformed and have taken necessary steps to mitigate this, including adding new contemporary product to our ranges," Khoo said at the time.