Fashion chain French Connection today hailed the “robust formula” which has enabled it to overcome tough trading conditions and lift profits.
Chief executive and chairman Stephen Marks said trading across the group remained strong, although the poor economic environment in the US had provided a drag on the figures.
Across the group, operating profits in the six months to 31 July rose 13% to £10.8m with turnover ahead 2% at £108.9m.
FC said the progress had continued into the second half of the financial year following the launch of the group’s winter range.
Like-for-like sales in the UK and Europe division, which had been ahead 5.5% in the first half of the year, have surged 7% in the first six weeks of the second half of the financial year.
Marks said: “The business has developed a robust formula that has enabled us to perform extremely well in a highly competitive environment.
“We have had a great start to the second half and I am confident this will continue for the rest of the year.”
The company has 77 stores in the UK and said today it would extend its selling space by re-siting stores on London’s Brompton Road and in Manchester, where FC has just ended a three year search for a larger site.
It plans to leave its current 2,500 sq ft (232 sq m) location to occupy a 9,000 sq ft (836 sq m) prime site in the centre of Manchester.
In addition, the group is planning a new store in the City of London and a stand-alone menswear outlet in Reading to complement an existing store in the town’s Oracle shopping complex.
EGi News 17/09/02
