French Connection losses narrow after better than expected sales
Fashion retailer French Connection said improved sales during the crucial Christmas trading period means that its full year losses will be lower than previously thought.
In December and January, retail sales in the UK and Europe were better than expected with margins also improved. In addition, the group said its UK wholesale forward order book is strong with shipments ahead of last year.
French Connection now anticipates that the loss before tax and exceptional items for the full year to 31 January 2014 will be an improvement on previous expectations and will be in the region of £4.7 million. This compares to a loss of £7.2 million a year earlier.
The group closed the year with no debt and over £27 million cash, which it said was a reflection of continued tight control of working capital.
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