French Connection, the UK-based fashion retailer, has seen its Group revenue clock £40.2 million for the six-months that ended 31 July 2021.
While the numbers indicate a year-on-year increase of whopping 68.2 per cent, the Group saw its revenue fall by 21.2 per cent when compared to the same period in 2019.
The two-year slump has been attributed to reduction in French Connection’s retail portfolio owing to temporary and permanent store closures.
However, the retailer saw its losses narrow down during the period. An underlying loss of £900,000 was better than £3.6 million in 2019 and £12.2 million in the same period in 2020.
The fashion retailer has attributed the reduction of losses to bounceback of wholesale volumes as pandemic restrictions were eased, and its overheads were minimised.
Notably, during the said period, overheads were brought down from £27.3 million in 2019 to £15.2 million – all thanks to permanent and temporary store closures, revamping efforts as well well-planned cost-cutting measures.
Last week, French Connection was sold in a deal valuing at £29 million.