ISSUING ITS third profits warning over the past 12 months, French Connection Group told investors that profits will be £7m below last year’s earnings in the first half, putting it on course for a loss.
Weak sales could continue through the year,it added.
First half sales slumped by seven per cent, while discounting crimped gross margins. The retailing group, which runs 70 outlets in the UK, has been conducting a review of its domestic and European businesses.
However, the initial reaction to the new winter collections has been “encouraging”, the company said in a statement released yesterday.
City A.M. Reporter