BBC News
watch One-Minute World News
Last Updated: Wednesday, 12 March 2008, 07:38 GMT
French Connection's profits fall
French Connection store front
French Connection also expects a difficult 2008
French Connection has admitted that its latest annual results "did not progress as we would have liked" as it unveiled a 23% fall in full-year profits.

Blaming a "considerably more challenging retail environment", it made a pre-tax profit of just 3.1m in the 12 months to 31 January 2008.

Turnover at the fashion chain fell 2% to 236.1m from 241.3m a year earlier.

French Connection said the continuing difficult economic environment would likely impact on its 2008 performance.

'Striving for growth'

"We will continue to strive for growth based on our constantly evolving fashion-forward products," said chairman Stephen Marks.

"Further, for the first time in two years, we are seeing some improvement in the wholesale orders in both UK/Europe and North America.

"The final outcome, however, will depend on the general retail environment in our markets."

French Connection's comments come a day after the British Retail Consortium said UK retailers saw consumers cut their spending "in earnest" in February.



SEE ALSO
Gloomy times at French Connection
12 Nov 07 |  Business
Fashion chains hurt by weak sales
16 May 07 |  Business
UK retail sales slow during April
08 May 07 |  Business
Inflation slows to 2.8% in April
15 May 07 |  Business
Bank still sees inflation risks
16 May 07 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific