Wednesday, August 10, 2011
UK FASHION BRAND BUCKS RETAIL TREND
Demand for summer dresses has been strong at French Connection
By Daily Express Reporter
SHARES in fashion chain French Connection rose 11 per cent yesterday after it said its UK stores were defying high-street woes.
In a statement the retailer, up 6½p to 64½p, said profit for the first half of the year to July 31 was in line with management expectations, helped by growth in same-store sales at its UK stores. It said this had come despite the “difficult market conditions”.
French Connection, which has previously noted good demand for its summer dresses in recent months, said net cash beat expectations at approximately £30.5million.
It said wholesale orders for its winter collection were ahead of last year and that it approaches the “important winter season with confidence”.
Numis Securities analyst Andrew Wade called the update reassuring given the current problems faced by high-street retailers among weakening consumer confidence.
Numis Securities analyst Andrew Wade called the update reassuring given the current problems faced by high-street retailers among weakening consumer confidence.
Wade said the group’s performance reflected the strength of its current ranges and expects it to post full-year profits of £8.8million.
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