French Connection swings to loss as UK woes continue
French Connection has swung to a loss after a worse-than-expected year and says the chances of trading improving in the UK in the foreseeable future are unlikely.
The fashion retailer reported an underlying loss of £2.9m for the year ending January 31, 2020, down from a profit of £0.8m the previous year.
Group revenues plummeted 11.4% to £119.9m due to store closures and what the retailer called “the difficult retail trading environment in the UK”.
Wholesale revenue in the UK also slipped 4.8%, however, the retailer was keen to emphasise the success of its North American wholesale arm, which saw sales jump 15.7%.
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