Total sales-order intake climbed 5 per cent in the 13 weeks to October 28, against a 35 per cent increase last year. Like-for-like sales slumped 9.2 per cent against a 5.1 per cent rise during the same period last year.
The retailer said that despite the strong comparative figures recorded in 2006, like-for-like growth this year was below expectations, largely because of “difficult” trading conditions in the Republic of Ireland.
Land of Leather chief executive Paul Briant said: “As expected, trading in the first quarter of the year has continued to be difficult as the full effect of the five interest rate increases filter through to the consumer and we were trading against strong comparatives. The second quarter of the year includes the important January Sale period for which our product range and marketing plans are well advanced. As a result, we remain confident in our ability to compete effectively in a tough trading environment.”
The retailer opened nine new stores during the quarter, taking its total numbers to 103. Five of the new openings were acquired from the Klaussner Group, which went into administration earlier this year.
The retailer will open five new stores on Boxing Day and is set to open a further 15 during the financial year.
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