French Connection posts £17.4m loss
18/03/2009 - 07:37:43French Connection posted a £17.4m (€18.7m) annual loss today as the savage downturn in global shopping took its toll on the high street chain.
The clothing retailer said the results were “disappointing” and warned it was “not possible to predict” when a return to profitability might take place.
French Connection, famous for its FCUK branded clothing, said it had seen like-for-like sales grow by 2% in its UK stores in the year to January 31.
But a high street bloodbath in the US, with like-for-like sales down 3%, caused the firm to heavily discount its stock and led to balance sheet write-downs totalling £11.9m (€12.81m).
“The well-reported decline in the US retail market has had a profound effect on our US business,” the company said.
