French Connection sees its sales up on currency gains
FASHION group French Connection yesterday said that revenues in the three months to 30 October increased eight per cent year on year, with most of the rise due to favourable exchange rates rather than changes in underlying trade.
Total retail sales in the UK and Europe grew by 0.6 per cent, with like-for-like sales edging up 0.3 per cent.
The firm also reported an 11 per cent decline in wholesale revenue in the UK and Europe, while forward orders for spring and summer 2010 are lower than the levels achieved last year.
Although retail sales of French Connection’s women’s clothing range are growing in the UK and Europe, the fashion group’s menswear sales continue to struggle, while markets in North America and Japan remain soft.
In September, the firm axed 50 jobs and closed its Northern European stores after heavy half-year losses.