French Connection Group PLC earnings dropped in the last six months ending 31 July 2020, according to press release. Earnings drop caused by the impacts of COVID-19 Pandemic.
- Group revenues were 23.9 million pounds, a 53.1% fall from 51 million pounds in the same period in 2019.
- Company recorded a 12.2 million pounds loss compared to 3.6 million pounds loss in 2019
- Wholesale revenues were down 49.3% to 13.8 million pounds from 27.2 million pounds in 2019, owing to customer stores’ closure in all regions.
- Retail revenues were down 57.6% to 10.1 million pounds from 23.8 million pounds in 2019
- Gross margins impacted by loss of full-price selling period due to lockdowns and higher old and current stock holdings.
- Cost savings due to rent reduction negotiations with landlords, furlough and rate assistance, and fewer costs across the business
- Company’s closing cash is 5.2 million pounds, down from 10.0 million pounds in 2019
- Company’s current trading is in line with expectations.
French Connection Group stock is declining on poor interim results. FCCN: LON is down 18.99%