French Connection revenue plummets as Covid closures hit high street sales
High street retailer French Connection saw group revenue fall by more than 40 per cent for the year ended 31 January as store closures battered trading.
The firm reported an underlying loss of £11.7m, compared to a £2.9m loss in 2020, driven by a significant decline in sales.
Retail revenues fell by more than 51 per cent to £22.5m, as Covid restrictions during the three national lockdowns pushed retailers to the brink.
Despite a difficult year, Stephen Mark, chief executive of French Connection, expressed his confidence in the business bouncing back during the summer season.
“With stores having predominantly reopened in the UK, we are seeing a much better sales performance than we experienced at the end of the first national lockdown although it will take time to see how quickly things develop over the coming months.
“Overall though I feel that we are definitely moving in the right direction once again.”