Womenswear driving results as sales remain steady in Europe, decline in U.S.
Posted November 25, 2009
French Connection (London) reports its same-store sales in the U.K. and Europe rose 0.3 percent for the 16 weeks ended November 24, while total sales grew 0.6 percent. In the U.S., retail operations’ same-store sales dropped 4.7 percent.
The company reports its wholesale division continues to struggle. In the U.K. and Europe, which accounts for 16 percent of group turnover, wholesales declined 11 percent for the period and gross margin for the wholesale business also continued to be affected by the strength of the U.S. dollar. Pre-orders for the spring/summer 2010 season are also below last year’s levels.
French Connection plans to close its business in Japan by the end of February 2010.