French Connection H1 FY21: income £24 mn; loss £13 mn

2020/10 15 06:10

French Connection Group, PLC, a UK-based international retailer of trend clothes and homeware, posted 53.1 per cent income decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 in comparison with the gross sales of £51.zero million in the identical interval prior yr. Firm incurred a loss for the interval of £13.2 million (H1 FY20: £four.7 million).

 

“This has undoubtedly been essentially the most troublesome buying and selling interval that the group has ever confronted and I want to thank our employees, each those that have stored the enterprise working and people who have been on furlough, for his or her ongoing dedication to French connection,” Stephen Marks, chairman and chief government, stated in a press launch.

 

Gross revenue for H1 FY21 dropped to £three.6 million (£21.eight million). Group’s working loss was £12.2 million (£three.6 million).

 

Wholesale revenues for the six months interval fell 49.three per cent to £13.eight million (£27.2 million). Whereas, retail revenues plunged 57.6 per cent to £10.1 million (£23.eight million) with each UK/Europe and North America gross sales considerably impacted by Covid-19 retailer lockdowns throughout nearly all of H1. 

 

The geographical revenues spotlight the UK/Europe proportion of gross sales lowering 67.zero per cent (72.5 per cent) pushed by the continued sturdy efficiency of the US wholesale ‘division retailer’ enterprise rising the North America share of world income to 30.5 per cent (25.1 per cent). Remainder of world income remained comparable at 2.5 per cent (2.four per cent).

 

“Regardless of the unprecedented difficulties we proceed to face alongside the remainder of the Excessive Road, having been in a position to safe the required financing we really feel that we’re nicely positioned to navigate an prolonged interval of unsure client demand but in addition able to capitalise on any alternatives that will come up particularly given the great efficiency of wholesale, whereas sustaining a really tight management of prices,” Marks stated.

Fibre2Fashion Information Desk (JL)

French Connection Group, PLC, a UK-based international retailer of trend clothes and homeware, posted 53.1 per cent income decline to £23.9 million in its first half (H1) FY21 ended on July 31, 2020 in comparison with the gross sales of £51.zero million in the identical interval prior yr. Firm incurred a loss for the interval of £13.2 million (H1 FY20: £four.7 million).




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