RNS Number : 8055W
French Connection Group PLC
03 February 2012
FRENCH CONNECTION GROUP PLC
3 February 2012
Following completion of the financial year on 31 January 2012 French Connection Group PLC ("the Group") is providing a trading update.
As previously announced, 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 effect of this has been to negate the growth in like-for-like sales achieved in the first half of the year and to cause the gross margin to be lower than expected.
However, wholesale deliveries in the second half of the year have shown good growth over the previous year and the forward orders for the Spring/Summer season are ahead of this time last year. Our international operations and brand licensing partners continue to perform strongly.
We now expect the profit before tax of the Group's continuing operations1 for the year ended 31 January 2012 to be in the region of £4.7 million including a one-off exchange gain of £700,000.
The business closed the year with net cash in the region of £33 million and no debt.
The announcement of the financial results of the Group for the year ended 31 January 2012 will be on 14 March 2012.
Roy Naismith /Neil Williams French Connection +44(0)20 7036 7000
Kim Fletcher/Catriona McDermott Brunswick +44(0)20 7404 5959
1 The results for the year ended 31 January 2012 will reflect the continuing businesses following completion of the restructuring at the end of the previous financial year.
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