French Connection issues new alert

The trading woes at French Connection deepened today after the fashion chain warned it was unlikely to meet profit hopes for this year.
By The Newsroom
Published 17th May 2012, 09:59 BST

It is not expecting any respite from the challenging conditions responsible for a 12 per cent slump in UK like-for-like sales over the last three months.

The latest warning from French Connection comes two months after its UK stores announced losses of £8.2m in its last financial year.

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Founder and chief executive Stephen Marks said a review of the UK retail business was well under way but admitted that consumer caution and ongoing economic turbulence continued to affect the business.

He said: “We therefore remain cautious about the outlook for the rest of the financial year. Given this, it appears unlikely that our profit performance for the full year will meet current expectations.”

The group’s shares were down 15 per cent today and have fallen by nearly 70 per cent since October.