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Gloucestershire Business News

Small profit for struggling fashion retailer

Sales at French Connection fell last year, as a result of the difficult trading conditions in the UK, but the company still made a small profit.

Like-for-like sales, fell by 6.8 per cent, with declines both in store and online, as reported by the BBC.

However, for the first time in seven years, the chain, which has a store in Cheltenham and a concession in Cheltenham's Cavendish House, made a profit of £100,000, against a loss of £2.1m.

The company said it has several potential buyers of the business, with a sale expected to be completed in the first half of 2019.

Sports Direct has a 26 per cent stake in the company, while founder Stephen Marks, who is also chairman and chief executive, still owns almost 40 per cent.

French Connection said trading was unlikely to improve in the near future, especially in the light of continued uncertainty over Brexit.

During the year, the company closed five stores and five department store concessions. It has closed more than half of its portfolio over the last five years.

Image credit: Kevin Crane Google images 2017

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