French Connection faces toughest ever trading as losses spiral
French Connection has reported a nosedive in sales and widening losses in what boss Stephen Marks says is ‘the most difficult trading period that the group has ever faced’.
The fashion retailer recorded an underlying loss of £12.2m in the six months to July 31 compared with a loss of £3.6m during the same period the previous year, which it attributed to a “significant decline in sales”.
French Connection’s sales plummeted by more than half, down 53% year on year to £23.9m “predominantly owing to the impact of the Covid-19 pandemic”.
Retail revenue fell by 58% during the period to £10.1m as mandated store closures during lockdown were compounded by the permanent closure of nine of French Connection’s stores during the period, while wholesale revenue dropped 49% to £13.8m.
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