Sofa firm hit by profits blow

Sofa retailer Land of Leather today warned of profits “significantly below” last year.

The firm admitted trading in the first nine days of its January sales - responsible for up to a quarter of the group’s annual orders – had fallen far short of management’s expectations.

Their shares in the UK slumped more than 40% after like-for-like sales orders between October 29 and January 3 fell by 25.5% compared to the same period last year.

The group warned: “The current challenging market conditions resulting from low levels of consumer confidence are likely to continue for some time.”