French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).
French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).#
“This has undoubtedly been the most difficult trading period that the group has ever faced and I would like to thank our staff, both those who have kept the business running and those who have been on furlough, for their ongoing commitment to French connection,” Stephen Marks, chairman and chief executive, said in a press release.
French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).#
Gross profit for H1 FY21 dropped to £3.6 million (£21.8 million). Group’s operating loss was £12.2 million (£3.6 million).
French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).#
Wholesale revenues for the six months period fell 49.3 per cent to £13.8 million (£27.2 million). While, retail revenues plunged 57.6 per cent to £10.1 million (£23.8 million) with both UK/Europe and North America sales significantly impacted by Covid-19 store lockdowns during the majority of H1.
French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).#
The geographical revenues highlight the UK/Europe proportion of sales decreasing 67.0 per cent (72.5 per cent) driven by the continued strong performance of the US wholesale ‘department store’ business increasing the North America share of global revenue to 30.5 per cent (25.1 per cent). Rest of world revenue remained similar at 2.5 per cent (2.4 per cent).
French Connection Group, PLC, a UK-based global retailer of fashion clothing and homeware, posted 53.1 per cent revenue decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 compared to the sales of £51.0 million in the same period prior year. Company incurred a loss for the period of £13.2 million (H1 FY20: £4.7 million).#
“Despite the unprecedented difficulties we continue to face alongside the rest of the High Street, having been able to secure the necessary financing we feel that we are well positioned to navigate an extended period of uncertain consumer demand but also ready to capitalise on any opportunities that may arise especially given the good performance of wholesale, while maintaining a very tight control of costs,” Marks said.
Fibre2Fashion News Desk (JL)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
