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Red alert: Second profit warning from French Connection
FASHION group French Connection posted its second profit warning in less than two months yesterday, blaming poor trading in the key Christmas period.
The firm said it now expected pre-tax profits for the year to 31 January to come in at around £4.7 million, including a one-off foreign exchange gain of £700,000. After an earlier warning in November, analysts had cut their forecasts to about £7.8m.
“Trading in our retail stores in UK/Europe was disappointing in the early part of the autumn/winter season and this continued through the Christmas trading period,” the firm said. But it added that wholesale deliveries in the second half of the year had shown good growth over the previous year and forward orders for the spring/summer season were ahead of this time last year.
The business closed the year with net cash in the region of £33m and no debt. Shares in the firm closed down 0.75p at 58.25p.
PERRY GOURLEY
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