French Connection has posted revenues of £154 million for the 12 months to 31st January 2018, reversing the drop it experienced last year and enabling it to reduce its pre-tax losses by more than £2.5 million. During the period it had closed 11 under-performing stores and is on track to close a further six of its UK stores this year. Wholesale and online revenues rose by 8.6 per cent to £70.9 million.
Stephen Marks, chairman and CEO of the multichannel retailer said “We have made considerable progress across the group over the last year and I enter the new financial year with renewed confidence off the back of that success. Our goal has been to return to profitability and I believe we are very close to achieving that aim, given the momentum we are currently seeing within the business.”
It is rumoured that a US firm has mounted a takeover of French Connection which has increased the share value of the UK retailer by 22 per cent to 41.1p.
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