French Connection reports flat like-for-like sales
The retailer said that strong trade in the early weeks of the year in its UK and European business had softened in March although there had been a recent improvement. In North America, retail revenue in the quarter was 5% above last year driven by higher levels of promotional sales.
As expected UK and European wholesale revenues continued to be below last year as a result of lower forward orders and reduced in-season business. However, French Connection said there had been an improvement of late with forward orders for the Winter 13 season now in line with those achieved at this time last year.
In the US, revenue in the wholesale channel was below last year reflecting a more difficult start to the year for the country’s department stores.
The retailer said its joint ventures in Asia had performed well despite the retail market slow-down in China and Hong Kong, resulting in a small improvement in profit levels in the period.
In a statement, French Connection said: “We are seeing progress from the initiatives that were instigated following the retail review last year and expect the impact of these to grow as the year progresses.”
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