Shares of French Connection Group PLC (LON: FCCN) fell nearly 20% today after the company reported that its revenue plunged 53% in the first half of the year to July 31.
French Connection saw its revenue drop 53% year-on-year to £23.9 million, while the business saw its losses plunge to £12.1 million, much higher than a £3.6 million loss reported a year ago.
The company blamed the permanent closure of 9 stores for a sharp tumble in revenue. Wholesale revenue plunged 49.3%.
“Despite the unprecedented difficulties we continue to face alongside the rest of the High Street, having been able to secure the necessary financing we feel that we are well positioned to navigate an extended period of uncertain consumer demand but also ready to capitalise on any opportunities that may arise especially given the good performance of wholesale, while maintaining a very tight control of costs,” said chairman and chief executive Stephen Marks.
French Connection share price dropped around 19% to trade at 7.25p.
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