The British retailer is continuing to feel the effects of the Coronavirus pandemic as their first six months ending July 31 saw the brand take a hit.
All French Connection stores and concessions were closed from March 23 and the group saw their revenue fall 53.1 per cent to £23.9M, making an underlying loss of £12.2M. Wholesale revenues have been impacted, the group recorded revenues of £13.8M which is down 49.3 per cent from the same period last year. Retail revenues contributed just £10.1M, which is 57.6 per cent lower than last year’s figures.
The groups figures have been hurt by both Coronavirus-induced lockdowns which saw stores forced to temporarily shutter, and also the permanent closure of nine store locations. The company does go on to comment that since their stores reopened, they have seen a gradual build up in sales, however it is clear that things are nowhere near back to normal.
The results did highlight that e-commerce sales have risen by 8.1 per cent in the six month period and that they have seen a ‘very good reaction from customers to the Summer 21 collection.’
