by Press Association March 13 2018, 8.31am FacebookTwitterWhatsAppLinkedInEmail Sign up to our Daily newsletter Want to read more?Subscribe today from £1 a week Retailer French Connection has said it is “very close” to returning to profit, but continues to shut stores and said Britain’s battered high street would remain under pressure. The fashion chain saw annual pre-tax losses nearly halve to £2.3 million from £5.3 million the previous year as it axed loss-making stores and overhauled ranges. On an underlying basis, its operating losses narrowed to just £600,000, down from £3.7 million the previous year. Shares surged 16% after the results. Retail like-for-like sales grew 0.8% over the year to January 31 in a “particularly challenging” UK retail market – a marked slowdown on the 4.4% rise seen the previous year. An 8.6% surge in wholesale revenues helped boost overall group sales, up 0.5% to £154 million. French Connection said there was unlikely to be any let-up in the tough trading hammering British retailers, but put faith in its ongoing turnaround plans and store overhaul to help it weather the storm. Chairman and chief executive Stephen Marks said: “Our goal has been to return the group to profitability and I… Read full this story
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