French Connection has achieved a reduction in its losses for the six months to 31 July 2017 as it works to return the business to profitability. Group revenue for the period had dropped by 1.6 per cent to £68.1 million with the retailer having cut back its store portfolio by closing 7 stores whilst increasing wholesale revenues. This saw the overall business achieve a reduction of 18.3 per cent operating loss before tax which came in at £5.7 million as compared with £7.9 million for the same period last year.
Non-executive directors Claire Kent and Dean Murray have stepped down making way for Sarah Curran, most recently managing director for Shop Direct’s Very Exclusive division and Ross Piggott, former Moss Bros CFO.
Chairman and CEO Stephen Marks commented “With full price sales in retail up during the early part of the second half, combined with strong Winter ’17 wholesale order books and a strong reaction to the Spring 2018 collection, I am confident that we will see a good performance during the rest of the year.”
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