Sep 20, 2018
French Connection blames 'difficult' conditions for sales fall
French Connection has reported a sharp drop in retail sales, amid what it called "Difficult trading conditions". French Connection is closing shops but has had to take a £6.5m charge on some "Onerous" leases it cannot leave. Commenting on trading at French Connection, Stephen Marks, the company's founder, chairman, chief executive and the largest shareholder, said: "The period as a whole saw weak trading, with the early and later parts affected by unseasonal weather and trading conditions overall being difficult throughout." As a result, French Connection has taken a £6.5m hit for onerous lease costs in the six months. French Connection sold its Toast brand in April for £11.7m, however that gain was offset by the onerous lease costs as well as bad debt charges such as the one against House of Fraser.
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