Presentation for the 12 months to 31 January 2014 (.pdf)
Preliminary Results for the year ended 31 January 2014 (.pdf)
Preliminary Results for the year ended 31 January 2014
French Connection Group PLC ("French Connection", "the Group") today announces results for its latest financial year ended 31 January 2014.
- Revenue of £189.4m, down 4% on a reduced store portfolio
- Improved UK/Europe Retail H2 LFL's of +1.4% (H1 -4.5%) with increased gross
- Operating expenses reduced by 6.9%
- Reduced underlying operating loss of £4.4m (2013: loss £7.2m)
- Ecommerce represents 20% of Group Retail sales
- Strong cash position; closing net cash of £28.2m (2013: £28.5m) and no debt
- Initiatives put in place to improve trading continue to gain traction
Commenting on results, Stephen Marks, Chairman and Chief Executive said:
"I am pleased that the initiatives we put in place to drive a turnaround in our trading performance have delivered better than anticipated results and that they continue to gain traction.
We strengthened management across our business resulting in improvements in
performance. Our new design team is working well; changes in our retail buying resulted in much better stock control; stores are operating more efficiently and the investment in our ecommerce business delivered good results.
We continue to manage costs tightly. The Group remains debt free and ended the year with a strong cash position.
We have accomplished a lot in the past year and will build on that momentum to deliver
further improvements. We have seen a positive reception to our Spring range and whilst
there is still much to do, I am confident that we are on the right path and have the right
strategy to drive further progress."
Adam Castleton/Neil Williams French Connection +44(0)20 7036 7063
Brian Hudspith/Emma Burdett Maitland +44(0)20 7379 5151