French Connection is back in the black for the first time in seven years, but its sales in Britain have continued to drop amid difficult trading conditions.
The fashion retailer said yesterday that it had generated an underlying operating profit of £100,000 in the year to January 31, compared with a loss of £2.1m a year earlier. It returned to profit despite like-for-like sales in Britain falling by 6.8 per cent.
It announced the improvement at a time when Stephen Marks, 73, its founder and chief executive, is trying to sell his 42% stake in the retailer. Given the size of his holding, any deal is likely to trigger a takeover offer for the company.
