Losses mount at French Connection

Group income slumped by fifty three.one% 12 months on 12 months to £23.9m.

Wholesale revenues fell 49.3% to £13.8m, while retail revenues were being down 57.six% to £10.1m as both equally its stockists and its very own outlets were being pressured to briefly near for the duration of lockdown. Some deliveries were being preserved to on line operators for the duration of the interval.

French Connection permanently shut 9 outlets for the duration of the initial half.

The company said the drop in sales and ensuing further just one-off stock provisions were being partly offset by price price savings across all areas. These involved lease reductions negotiated with landlords, premiums and furlough guidance.

In July, French Connection secured £15m in funding from expenditure and turnaround professional Hilco Money for the coming two several years, to aid it experience out the Covid-19 pandemic.

The retailer shut the six-thirty day period interval

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