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| FCUK results reflect economic woes |
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| Thursday, 13 March 2008 | |
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High street retailer French Connection has admitted its latest annual results "did not progress as we would have liked" as it unveiled
a 23% fall in full-year profits. Blaming a "considerably more challenging retail environment", it made a pre-tax profit of just £3.1m in the 12 months to 31 January 2008, according to the BBC.
Turnover at the high street fashion chain fell 2% to £236.1m from £241.3m a year earlier. French Connection said the continuing difficult economic environment would likely impact on its 2008 performance. "We will continue to strive for growth based on our constantly evolving fashion-forward products," said chairman Stephen Marks. "Furthermore, for the first time in two years, we are seeing some improvement in the wholesale orders in both UK/Europe and North America. "The final outcome, however, will depend on the general retail environment in our markets." French Connection's comments come a day after the British Retail Consortium said UK retailers saw consumers cut their spending "in earnest" in February. |