French Connection posts £17.4m loss
Wednesday 18 March 2009
French Connection posted a £17.4m annual loss today as the savage downturn in global shopping took its toll on the high street chain.
"We are preparing for another difficult year," said Stephen Marks, the group's founder and executive chairman who owns 42 per cent of its equity.
Shares in French Connection have lost 30 per cent of their value over the last 12 months.
The stock was down 3.25p at 54p at 8.46am, valuing the business at £51m.
The retailer and wholesaler, which trades in the United States and Asia as well as the UK, said today it made a loss of £17.4m for the year to 31 January.
This compares with a profit of £3.1m in the previous year.
Turnover increased 5 per cent to £248m but costs increased 11 per cent.
The group, which made a profit of £38m just five years ago, has struggled in recent years as the appeal of its FCUK brand has waned, its core markets have deteriorated and costs have risen.
Many UK retailers have been struggling as indebted consumers rein in spending amid soaring unemployment, sliding house prices and fears of a long and deep recession.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Why I'm on the brink of burning my Israeli passport
- 4 War is war: Why I stand with Israel
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Stephen Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Israel-Gaza conflict: Israeli air strike destroys home for the disabled killing two women residents
Israel-Gaza conflict: Israeli PM says conflict may 'continue for a long time' as hundreds of Palestinians flee their homes
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...