UK: French Connection looks to offload 14 flagship stores
Fashion retailer French Connection is reportedly looking to sell 14 of its UK flagship stores.
A spokesperson today (2 May) told just style: "It is something we have talked about for a while," adding that the company is "investigating all options".
However, the spokesperson declined to comment on exactly how many will close. She said "all stores are under review" because of the ongoing tough trading conditions.
In March, French Connection confirmed it was conducting a review of its UK retail operations after reporting a 32% drop in full-year pre-tax profit to GBP5.0m (US$7.8m) in the year to 31 January.
Chairman and CEO Stephen Marks said: "In the light of the performance of the UK retail division we are reviewing our retail operations in order to improve sales and margin in this core business."
Retail revenue in the UK and Europe was flat with last year at GBP110m, but wholesale revenues in the UK and Europe were up 17% to GBP42.1m.
In February, the company issued its second profit warning in three months, after "disappointing" trading over the Christmas period.
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UK clothing brand French Connection today (9 August) warned that first-half operating profit would be GBP7m (US$10.9m) lower than last year on the back of increased discounting....
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