Home / Knowledge / News / Apparel/Garments / French Connection Group revenue down 8% in FY'13
French Connection Group revenue down 8% in FY'13
15
Mar '13
 
French Connection Group PLC announces results for its latest financial year ended 31 January 2013 that are in line with market expectations. The Group is currently implementing significant changes that are designed to restore the business to profitability.
 
Results are as follows:
-Revenue down 8% to £197.3 million (2012: £215.4 million)
-Underlying loss before tax of £ (7.2) million (2012: profit of £4.6 million)
-Closing net cash of £28.5 million (2012: £34.2 million) and no debt
-Strong progress in implementing improvement initiatives
 
 
Commenting on this announcement, Stephen Marks, Chairman and Chief Executive of French Connection said:
After a difficult trading year, I am pleased that many of the initiatives we have taken in order to provide a new impetus to sales growth are beginning to show interesting results. While it is still early days, we see some good progress, and I am pleased there is some momentum in the business.
 
The significant changes we have already and will continue to make will help us to improve our financial performance in this most difficult and competitive of markets. Although it is very early days in the New Year, we have seen a better performance in UK retail, and we expect this to build as the year progresses. We are managing the business tightly in order to increase full-price sales volumes, limit discounting, manage inventory levels, control cash and build confidence with our customers.
 
We have demonstrated our ability to produce fashionable, wearable products over the last 40 years and will continue to do so with a new and talented design team. With the help of the broad range of improvements in our business, a strong balance sheet and our global brand strength, we will return the business to profitability. Underlying loss is adjusted to exclude the costs of disposal and closure of retail stores (£1.3 million) and the impairment of goodwill (£2.0 million).
 

French Connection Group PLC

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search