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28 April 2021 | 09:46am
StockMarketWire.com - French Connection reported wider annual losses following pandemic-led store closures, but the apparel retailer touted signs of improvement following the reopening of stores.
For the financial year ended 31 January 2021, pre-tax losses widened to £19.7 million from £7.8 million as revenue fell 40.4% to £71.5 million.
Retail revenues slumped 51.8% to £22.5 million, owing to the store closures during the three national lockdowns and footfall impacted by restrictions at other times, the company said.
Wholesale revenues were down 33.1% to £49.0 million.
Gross margins fell to 22.4% from 30.2% impacted by both the loss of the full price selling periods during national lockdowns and higher levels of residual stock at the period end. ....

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