14th Apr 2014 08:14
LONDON (Alliance News) - French Connection Group PLC Monday said that retail sales in the UK and Europe were up 11% on a like-for-like basis during the 11 weeks to April 12, boosted by an improved product range which continues to gain traction.
French Connection shares were up 13.4% Monday morning at 76.00 pence per share, one of the biggest gains on the London market.
The fashion retailer said that whilst its prior year comparatives for the first half of the year were soft, down 4.5%, its like-for-like sales in the second half of last year improved 1.4%.
Last month, the retail group said that it narrowed its financial losses in the financial year ended January 31 by reducing its store portfolio and reducing operating expenses, as it attempts to restore the business to profitability. It said it had improved its margins in both the UK and Europe wholesale and retail divisions, as it sold more full-price and higher-margin items and limited discounting, during a time of increased promotional activity.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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