High street fashion giant French Connection is facing ‘challenging conditions’ on the high street as its shares plummeted 24% after it advised it would miss City forecasts.
In a statement, French Connection said: “We have been putting in place many improvements across the business in the last two years and will continue to implement positive change across the Group. We continue to execute our store closure plan and we now expect to close 7 stores during the current year.”
On a positive note, the wholesale performance will be in line with expectations, with forward orders up year on year and the retailer has no debt. In an effort to keep the company out of debt, it has closed stores and is planning to close seven this year.
