French Connection cuts losses and extends sale process
French Connection has reported reduced first-half losses and extended its strategic review and formal sale process for a second time, until the end of the financial year.
The fashion retailer posted an underlying loss before tax of £5.3m in the period to July 31, a 3.6% improvement on the comparable period last year. Group sales fell 12.2% to £51m. Retail revenues were down 12.8% to £23.8m but like-for-likes advanced 1.4% as space was reduced.
Chairman, chief executive and founder Stephen Marks said progress was being made in turning around French Connection and expected to meet full-year expectations despite tough trading conditions.
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