Furniture specialist positive over outlook
Land of Leather is optimistic about the future, as it revealed an increase in profits for the last four months of its financial year.

The leather sofa specialist has switched its year-end from March to July, reporting results for the interim 17-week period, having floated the company in July last year.

Profit before tax, excluding exceptional charges for the 17 weeks ending July 30, was£3.5 million - up from£2.1 million last year. Profit for the 52 weeks ending July 30 was£15.7 million.

Revenue for the 17 weeks ending July 30 was£69.8 million, compared to£58 million last year. Revenue for the 52 weeks was£205.6 million.

The retailer was upbeat on its progress since July. 'The first half of the new financial year includes the key Autumn and January Sale trading periods and we enter this period in a strong position, with an excellent store portfolio and competitive product range,' said Land of Leather Chairman Roger Matthews.

'We remain confident that our retail proposition as the UK's only retailer specialising solely in leather sofas and our value-based offer, together with the store roll out programme, provides excellent prospects for the Group for many years to come,' Mathews added.

During the period, 10 stores were opened, taking the yearly total to 81 stores. In August four more stores were opened.

The results were well received by analysts. 'This was the last retailing IPO before Debenhams and they haven't let their fans down, with a good set of numbers,' said Evolution Securities analyst Nick Bubb.