 French Connection anticipates sales will remain strong |
Fashion chain French Connection has reported a 28% rise in annual profits and said its outlook remains strong. The UK High Street group said it was continuing to see healthy retail sales growth in North America.
French Connection said its pre-tax profits before goodwill were �38.7m ($71.63m) in the year to 31 January, at the top end of analysts' forecasts.
The group, whose brands include French Connection UK and Nicole Farhi, said group turnover rose 11% to �267.9m.
'Significant growth'
Despite some disruption cause by a US department store's withdrawal from sale of products displaying French Connection's fcuk logo, wholesale turnover in North America increased by 14% to $21m in 2003.
French Connection said it expected its US business to move into profit in 2004.
Meanwhile, brand licensing jumped 44% to �3.6m and was a expected to show significant growth, the company said.
Chairman and chief executive Stephan Marks said: "Turnover and profitability have improved across all our operations with a continued strong performance in our UK/Europe businesses."
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