French Connection’s sales dropped by more than 10% in the 12 months to the end of January, the high street brand revealed today.
The brand blamed “the planned closure of stores and the difficult retail trading environment in the UK” for a £2.9m loss for the year.
“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,” said French Connection boss Stephen Marks.
“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.”