Profits at fashion and homeware retailer, Laura Ashley, have plummeted to just £100,000.

Profits fell from £6.3 million the previous year, in the year to 30th June, as reported by Sky.

Laura Ashley's bottom line was hit hard by an accounting write-off on the sale of a property in Singapore.

But it's not all bad news for the chain, which has stores in Cheltenham and Cirencester, and a confession in the Wyevale garden centre at Haresefield. While total like-for-like retail sales dropped by 0.4 per cent, clothing sales rose by 9.7 per cent, and like-for-like online sales were up by 4.1 per cent.

While disappointed by the losses, the company said it has been encouraged by the growth of the online business and said the firm would be launching a new digital platform in the weeks to come.

Like many retailers, it said it had been hit by challenging trading conditions, but has plans to introduce a more competitively priced furniture range.

During the year, Laura Ashley closed eight of its 168 UK stores and opened one. It plans to open two new stores and close a further five in the next year.