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It seems that even the fashion industry is not immune from consumers tightening their purse strings. Laura Ashley, the furnishings and clothing chain, slumped in London trading after sales fell during both February and March. It reported that same store sales fell by 4.9 per cent over the period, leading to an 18 per cent fall in stock trading – its worst slump since June, 2008. Why aren’t consumers spending? With value added tax (VAT) rising from 17.5 per cent to 20 per cent; and government spending cuts, it appears that household confidence has been undermined. To further consumer woes, the Office of National Statistics has reported that February inflation accelerated at its highest rate since October, 2008. Laura Ashley is keen to highlight that its predicament is not restricted to its company alone and is instead reflective of general consumer sentiment. The company actually posted a record profit for the fiscal year that ended on January 29 and believes it is too early to judge the direction of this financial year. It reported a net income of £19.8million – tripling the previous year and also saw revenue rise by 6.2 per cent to reach £285million. There is good news relating to its ventures in Japan too, with Laura Ashley suggesting that the affects of the earthquake and tsunami on its business there – where it has 80 stores – are relatively minimal. Back in fashion So what can consumers do to get the latest fashions without spending over the odds? The first step is to look into online purchases rather than buying on the high street. There are many advantages to online spending including: convenience, as you are not restricted to store times; lower travel costs, as you can shop from the comfort of your own home; no long lines or queuing; and cheaper prices, as many retailers offer lower prices on items they sell online because of their reduced overheads. There is a negative too – as you won’t be able to try the clothes on before you buy – however, most companies offer a completely free returns policy. Another advantage is that you can take advantage of additional incentives, such as a promot code. These are published on numerous websites in an effort to attract business to a certain retailer and may take many forms such as money off a purchase or free shipping. The Article is written by www.5hop5.ie providing Promo Code. Visit www.5hop5.ie for more information on www.5hop5.ie Products & Services.
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