French Connection reports H1 loss |
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Published
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Tue, 12 Sep 2006 12:20
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LONDON - Britain's cloth chain, French Connection has shown a loss of £3.6 million for the first half of 2006. The performance comes after the company has been giving out warnings for over a year.
The company said that many of its customers are choosing FCUK and Nicole Farhi brands and this has affected them in the wholesale department. Revenue fell by over six percent from £117.9 million from last year to £111.2 million.
Chairman Steve Marks admitted that his recovery plan has not yet picked up speed but is confident that things would work out for better in future. "The challenges we faced during the last financial year have continued to impact trading in the new year. It has taken longer than we had hoped to translate the changes we have made in our business into sales growth", he said.
Mr. Marks also said that sales have been better for the past six months and their new clothing range was being received warmly by the customers.
"We recognize that in the past we have not met our customers' expectations; however the strong initial reaction to the new winter collections indicates that our efforts are having an impact. The indications are that we were beginning to achieve our goals, with sales in the early part of the new season encouragingly ahead of last year," he added. The market responded positively to Mr. Marks statement with shares of French Connection rising by 0.6 percent to close at 208 pence with the company valued at £201 million.
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RIO TINTO
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French Connection withdraws FCUK logo 