Like-for-like sales orders plummeted 32.1 per cent in the 13 weeks to April 27, bringing the decline over the 39 weeks to that date to 20.7 per cent. The total sales order intake fell 24.7 per cent over the 13 weeks and 9.8 per cent over the 39-week period.
The retailer is seeking more ways to save money having taken measures to bring operating costs down£11 million annually and will open no more stores until trading conditions improve.
Land of Leather also reported that it had struck a concession deal with Homestyle, which will take space in 28 stores for its beds division. The tie-up fills the void created after former Land of Leather concessionaire Sleep Depot collapsed last month. Homestyle will pay a monthly turnover-related rent, which is expected to bring Land of Leather about£2 million a year.
Land of Leather said that once trading improves, it expects to “increase profits quickly”.
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