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Clothing and furnishings retailer Laura Ashley revealed today that it more than doubled pre-tax profits in the first-half of the year.

In a statement today the company reported that its profit before tax for the 26 weeks to July 28th leapt by 113 per cent, to £6.4 million. That compared to pre-tax profits of £3 million reported for the corresponding period of the previous year, with the profit for the first half of 2007 including a large pension credit.

Laura Ashley's performance was boosted by new store openings and rising sales across the group.

The company revealed that total group sales were up 6.9 per cent compared to the same period of the previous year, climbing to £113.9 million. Total UK retail sales over the 26-week period were up 9.3 per cent to £89.2 million, with sales increasing in all categories except furniture – which remained flat on the previous year.

During the first-half Laura Ashley opened 13 new stores and closed six as part of an ongoing process of realignment. The company's UK selling space subsequently increased by eight per cent to 672,000 square feet over the period, with the retailer planning to continue its store development programme at a similar rate for the remainder of 2007 and into 2008.

Commenting on the results Laura Ashley chairman KP Khoo said: "The improved profitability is a result of our successful store realignment programme, improved product offering and continued focus on operational efficiency.

Khoo added that despite "challenging" economic conditions, Laura Ashley bosses had confidence in the outlook for the company.

In the wake of ongoing turmoil on the world's financial markets and a series of past interest rate rises, several leading retailers have warned in recent days that they face tough times ahead.