Thursday 17 October 2019

French Connection returns to profit

(Nick Ansell/PA)
(Nick Ansell/PA)
Independent.ie Business Desk

French Connection returned to a modest profit last year, but sales continued to fall.

The retailer made an underlying operating profit of just £100,000 (€116,139) in 2018 compared with a £2.1m (€2.4m) loss the year earlier.

Pre-tax losses widened to £9.3m (€11m) from £3.8m (€4.4m).

Revenue was relatively flat at £135.3m (€157m), while like for like sales fell 6.8pc due to tough market conditions for retailers in the UK.

French Connection's chairman and chief executive Stephen Marks said: "I am pleased to report that we have achieved our target of returning the group to underlying profitability this financial year.

"This is only part of our overall journey, however it represents a significant achievement given the results over recent years.

"This has been achieved despite the ongoing difficult retail trading environment in the UK and is the result of the changes we have made in all areas of the business to adapt to the ever-evolving markets in which we operate.

"While we still have a way to go to return the business to an appropriate level of profitability, I believe that we have made and continue to make significant progress."

PA Media

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