French Connection posts full-year loss as competition weighs

‘Disappointing’ financial performance for retailer amid difficult trading conditions

French Connection posted an underlying loss of £2.9 million (€3.3 million) for the year ended January 31st, Photograph: iStock

French Connection posted an underlying loss of £2.9 million (€3.3 million) for the year ended January 31st, Photograph: iStock

 

Clothing retailer French Connection reported a full-year loss on Tuesday, citing difficult trading conditions in the UK.

The retailer, once known for its provocative FCUK brand of clothing and accessories, posted an underlying loss of £2.9 million (€3.3 million) for the year ended January 31st, compared with a profit of £800,000 a year earlier.

“The overall result for the financial year is disappointing,” chief executive Stephen Marks said.

“The performance this year has not been as anticipated and we are not being assisted by the continued difficult trading conditions in the UK and potential uncertainty due to the Covid-19 coronavirus.

“I am, however, pleased with the continued good performance of the wholesale business in the USA and we have good forward order banks in the UK to be delivered during the first half of the year.

“We believe the trading landscape in the UK is unlikely to improve in the short term and this has a potential impact on both the retail and wholesale businesses.

“Against this background we are working hard to ensure we are operating as efficiently and cost-effectively as possible while working closely with all our trading partners to maximise business with them.” – Reuters/PA