French Connection Group announced results for financial year ended 31 January 2013 in line with market expectations. The group reported, revenue slashed down by 8percent to 197.3 million pounds (294.6 million dollars) as compared to the same period to 215.4 million pounds (321.6 million dollars) in 2012. Loss before tax was 7.2 million pounds (10.7 million dollars) compares to 2012 profit of 4.6 million pounds (6.8 million dollars).
Commenting on the results, Stephen Marks, Chairman and Chief Executive of French Connection said, “After a difficult trading year, I am pleased that many of the initiatives we have taken in order to provide a new impetus to sales growth are beginning to show interesting results. While it is still early days, we see some good progress, and I am pleased there is some momentum in the business.”
“The significant changes we have already and will continue to make will help us to improve our financial performance in this most difficult and competitive of markets. Although it is very early days in the new year, we have seen a better performance in UK retail, and we expect this to build as the year progresses. We are managing the business tightly in order to increase full-price sales volumes, limit discounting, manage inventory levels, control cash and build confidence with our customers,” Marks added.
The French Connection Group comprises retail and wholesale businesses in the UK, Europe, the US, Canada, Hong Kong and China along with licensed partners operating in a number of other countries like Australia, India, Singapore, Vietnam and South Africa. In addition, the Group operates brand licences under which partners produce fragrances, jewellery, toiletries, shoes, furniture and eyewear. Along with the French Connection brand, the Group operates Great Plains, a wholesale-only ladies’ wear range, Toast, an e-commerce fashion and home wares brand, and YMC, a men’s and women’s wear brand.