French Connection has posted an operating loss of £9.3 million for the 12 months to January 31st it what it admits was a difficult year. In-store sales fell by 10.6 per cent year on year but it fared rather better in its wholesale division to grow its overall group revenues by 0.2 per cent to £135.3 million. eCommerce revenue fell by 3.7 per cent year on year.
“I am pleased that we have achieved our target of returning the group to underlying profitability this financial year,” said chief executive Stephen Marks. “While we still have a long way to go to return the business to an appropriate level of profitability, I believe we have made and continue to make significant progress.”
The business also confirmed that a sale remains on the cards and that it is in discussion with a number of parties to that end. It has been closing unprofitable stores and now has 96 of its own stores plus 195 franchised and licensed stores around the world.
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