French Connection stock dips despite H1's loss cut

Friday, 19 September 2014

In Europe, all sights were on the development of the Scottish referendum, which already took its toll on international currency exchange (forex trading), therefore affecting major companies operating across different markets.

Shares in French Connection Group PLC fell Thursday in London despite the fashion retailer's sharp reduction in losses for the first half of its financial year, as revenue declined and it gave a cautious outlook for the remainder of the year. The stock was down 7.6 percent about mid-morning, trading in the region of 64.71 pence apiece.

"Given the very competitive market place and tougher [like-for-like] comparatives in the period, we remain cautious about the second half where, as ever, we are dependent on the very important Christmas trading period," said Chairman and Chief Executive Stephen Marks in a statement.

Elsewhere, shares of Burlington Stores (NASDAQ:BURL) reached a new 52-week high during mid-day trading on Thursday, ‘American Banking News’ reported. The stock traded as high as 40.35 dollars and last traded at 40.25 dollars, with a volume of 383,050 shares trading hands. The stock had previously closed at 39.10 dollars.

A number of research firms have recently commented on BURL, with analysts at Cowen and Company raising their price target on shares of Burlington Stores from 38 to 42 dollars in a research note on Friday, September 12th.

Finally, in a more corporate note, Mecox Lane Limited – a multi-brand and multi-channel retailer in China -, completed the previously announced spin-off of the company's apparel and accessories business.

The spin-off was completed through the sale of Mixblu Limited and its subsidiaries to Fast Fashion China Limited, a company controlled by the former chief executive officer of Mecox Lane, for an adjusted consideration of approximately 6.1 million dollars pursuant to a share purchase agreement dated as of August 8, 2014.

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