Fashion retailer French Connection has narrowed its losses for the full-year after it improved its trading over the crucial Christmas period.
Losses are expected to be in the region of £4.7m in the year to January 31 which is an improvement of last years‘ £7.2m loss. Shared surged by 10 per cent on the news.
Retail sales and gross margin in the UK and Europe were better than expected and it stated that its UK wholesale division forward order book is strong with shipments ahead of last year.
Chairman Stephen Marks is looking to cut its number of stores and agree a rent discount with landlords as he aims to make the retailer profitable by 2015.
The company has had a turbulent time of late and has struggled to turn a profit and grow sales, but closed the year with no debt and over £27m cash which it attributed to continued tight control of working capital.