21st Nov 2013 10:02
LONDON (Alliance News) - Fashion retailer French Connection Group PLC Thursday reported a 2.1% rise in like-for-like revenue in its UK and European retail stores in recent weeks, despite a lower level of clearance sales than it did last year, while the order book for next spring's collection in its wholesale operations is slightly ahead of last year.
The company is in the middle of a big turnaround after struggling in an extremely competitive market in recent years.
In a trading update, French Connection said that it has been encouraged by the reaction so far to its Autumn 2013 range in its shops, while it said it is seeing a growing impact in the retail operations from improvements it has put in place. It didn't give any details of the impact.
Wholesale revenues were flat in the 16 weeks to November 20, which represents a stabilisation after declines in recent seasons.
It said its other businesses and its brand licensing unit were trading in line with its expectations.
"Whilst the group continues to make good progress the full year results will as ever be dependent upon the performance over the key Christmas trading period," it said in its statement.
It said its net cash position was GBP10 million at the end of the period, compared with GBP10.6 million a year earlier.
French Connection shares were up 4.8% at 41.90 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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