French Connection’s same-store sales back in growth
Company has not reported an annual pretax profit since 2012
French Connection has struggling in recent years amid competition from cheaper fast-fashion rivals
Same-store sales at British fashion retailer French Connection returned to growth in the first half of its financial year, buoyed by a strong performance of its spring collection.
The company said on Tuesday like-for-like sales in the UK and Europe, regions which accounted for 74 per cent of group sales last year, rose 6.5 per cent in the six months ended July 31st. They fell 10.7 per cent in the same period last year.
Total revenue, however, fell 8.7 per cent to £69.2 million (€80.7m) following the closure of some stores, and the company reported a pretax loss of £7.9 million (€9.2m) unchanged from the same period last year.
After the huge success of its FCUK logo which helped drive its shares to more than £5 apiece in 2004, French Connection has struggling in recent years amid competition from cheaper, fast-fashion rivals such as Zara, ASOS and Forever 21.
It has not reported an annual pretax profit since the year-ended January 31st, 2012, and the stock is down more than 90 per cent from its 2004 highs.