April 6, 2018
U.K. fashion brand and retailer French Connection reported a loss before tax (excluding an impairment charge) of £5.5 million ($7.7 million) for the year to Jan. 31, compared to a profit of just over £3 million ($4 million) in 2008. Problems in the U.S. market, increasing costs and the weak sterling exchange rate contributed to the poor performance.
Sales rose to £248 million ($346 million) from £236.1 million ($329.8 million) last year. However, U.K. retail like-for-likes rose 2 percent in the year, due to the strength of its womenswear offer.
Licensing performed well, with strong growth in "fcuk"-branded toiletries ranges.
"The results for last year are disappointing and, to a large extent, are a reflection of the impact on fashion markets of the downturn in the major world economies and in particular the U.S. market," says Stephen Marks, chairman. "Behind the gloomy headlines however there are some encouraging elements in our performance."
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