- Prachi Singh |
For the year ended January 31, 2018, French Connection Group PLC posted 0.5 percent rise in revenues to 154 million pounds (213.9 million dollars). The company’s wholesale revenue increased 8.6 percent or 7.1 percent on constant currency from UK/Europe and North America. French Connection reported growth in LFL sales with UK/Europe up 0.8 percent over the year.
Commenting on the results, Stephen Marks, the company’s Chairman and Chief Executive said in a media release: “We have made considerable progress across the group over the last year. Our goal has been to return the group to profitability and I believe we are very close to achieving that aim, given the momentum that we are currently seeing within the business. While it is clear that the retail market in which we are operating in the UK is unlikely to improve in the near future, we have clear visibility on the benefits we will obtain from the ongoing portfolio rationalisation.”
The company closed further 11 non-contributing locations during the year but new concept store was opened in Manchester. Composite gross margin for the period was 45.2 percent against 45.8 percent last year due to the strong growth in the wholesale business. Underlying operating loss reduced to 0.6 million pounds (0.8 million dollars), an improvement of 3.1 million pounds (4.3 million dollars) on 2017.
Picture:French Connection website