Fashion group French Connection reported that overall business was in line with expectations although retail sales were “slightly lower” than anticipated.
The performance of the wholesale division more than offset retail’s underperformance in the period from August 1 to November 13, and French Connection said that full-year profits would be at the high end of market expectations.
Sales at the UK and Europe retail division fell 7.7% in the period and were down 6.1% like-for-like. Menswear and ecommerce did well, as did the Toast business, but womenswear was described as soft.
Sales at US shops that French Connection intends to retain fell 4% like-for-like. The retailer expects to have completed the closure of other American shops by the end of January. House broker Numis, recommending add, raised its target price to 60p.