French Connection shares fall on profit warning
Challenging trading continued through Easter, the retailer said
UK fashion retailer French Connection has seen its share price decline 18% this morning (24 April) after warning its full-year performance will be below market expectations.
The company said the challenging trading reported at the year end continued through the Easter period, and first-half retail sales are now forecast to be materially lower than expected.
However, wholesale performance is in line with expectations, with forward orders up year on year, and licensing continues to perform strongly.
The retailer said it will continue to "implement positive change" across the business, after putting in place many improvements in the last two years. It continues to execute its store closure plan, and now expects to close seven stores during the current year.
In March, the group cut its full-year operating loss, but saw retail sales tumble by 12% on the back of store closures.
French Connection's share price stood at GBP43.36 (US$65.53) at 10.47 BST today.
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