French Connection Group reports FY20 revenue of £120 mn

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. 

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

“The performance this year has not been as anticipated and we are not being assisted by the continued difficult trading conditions in the UK and potential uncertainty due to the Covid-19 coronavirus,” Stephen Marks, chairman and chief executive of French Connection Group, said in a press release. “I am however, pleased with the continued good performance of the wholesale business in the US and we have good forward order banks in the UK to be delivered during the first half of the year.”

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

The group reported underlying loss of £2.9 million compared to a profit of £0.8 million in previous year.

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

Retail sales decreased 20.0 per cent reflecting a reduced store portfolio reducing average operated space by 13.6 per cent with net fifteen store/concession closures in the year as well as UK/Europe retail like-for-like sales decline of 2.5 per cent, as group reported. 

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

Wholesale revenue fell 4.8 per cent to £73.2 million (FY19: £76.9 million). However, strong continued growth of 15.7 per cent was generated from the core department store business in North America. The Rest of the World wholesale business contracted impacted by the closure of our joint venture partners in Asia.

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

Retail revenue dropped 20 per cent to £46.7 million (FY19: £58.4 million) reportedly due to the continuing targeted reduction in the store portfolio and 2.5 per cent decline in UK/Europe like-for-like sales. During the year, group closed fourteen non-contributing stores and four concessions, with another two concessions opening. 

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

Total ecommerce revenue for the reported year also contracted 8.1 per cent across group’s websites. However, ecommerce still increased penetration of total group retail sales, growing to 24.2 per cent (FY19: 21.1 per cent). 

 

French Connection Group PLC, a UK-based global retailer of fashion clothing and homeware, reported 11.4 per cent decline in its revenue to £119.9 million in FY20 ended on January 31, 2020 compared to £135.3 million in previous fiscal. Performance reportedly was impacted by the planned closure of stores and difficult retail trading environment in UK. #

“We believe the trading landscape in the UK is unlikely to improve in the short term and this has a potential impact on both the retail and wholesale businesses. Against this background we are working hard to ensure we are operating as efficiently and cost effectively as possible while working closely with all our trading partners to maximise business with them,” Marks said.