French Connection warns on profits
French Connection has warned that its full year financial performance is now expected to be below current market expectations.
Without giving a specific reason for the under-performance, the fashion retailer said in a statement that the challenging conditions in retail trading reported at the year-end had continued through to Easter.
As a result, first half retail sales are now forecast to be “materially lower” than expected.
Meanwhile, wholesale performance is in line with expectations, with forward orders up year-on-year.
French Connection added: “We have been putting in place many improvements across the business in the last two years and will continue to implement positive change across the group. We continue to execute our store closure plan and we now expect to close seven stores during the current year. “
