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French Connection suffers bad start to the year – MoneyWeek

Thegroupalsodeliveredalowergrossmarginfollowingastrongerdemandfordiscountedproductduringthewintersale。

However,thefirmsnewranges,thePremiumCollectionandFrenchConnectionHome,bothperformedwell。

GoodgrowthwasalsoseenthroughitseCommercechannel。

RevenueintheUSwasupby11%whilethenetoperatingresultswaswellaheadofthepreviousyear。

Inastatementthecompanysaid:TheUKretailmarketremainsparticularlychallengingandthecombinationofprevailingconsumercautionandongoingeconomicdifficultiessuggeststhatthiswillnotimproveinthesecondhalfoftheyear。

Wethereforeremaincautiousabouttheoutlookfortherestofthefinancialyear。

Giventhis,itappearsunlikelythatourprofitperformanceforthefullyearwillmeetcurrentmarketexpectations。

Addressingthis,thereviewofourUK/EuropeRetailbusinessiswellunderwayandweexpecttoidentifyinitiativesthatcanbeimplementedintheshort-termaswellaslonger-termstrategiesforimprovingtheperformanceofthebusiness。

Thebalancesheetremainsstrongwith£11。

3mofnetcashattheendofApril2011(April2011:£18。

5m),thereductionreflectingthedeclineinrevenueduringtheperiodalongwithothertemporaryworkingcapitalmovements。

NR

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