French Connection shares are up over 8% on Monday morning and up over 13% earlier, after an upbeat trading statement.
The fashion retailer has been struggling over the last few years after falling out of fashion, but the company said on Monday that “sales of the French Connection Winter 15 collection have continued to be strong during the period after the promising start to the season.”
Full-price sales at its UK stores open this time last year are up 6%, while group sales are up 0.2%. Margins are up 1.5% thanks to a rise in sales of full-price goods, rather than stuff on sale.
French Connection is also shutting 7 underperforming shops in the second half of the year. It’s also getting out of Regents Street after the building it’s in gets redeveloped next year. That will land it a £2.4 million payout and remove another loss-making store.
Here’s what this morning’s share bounce looks like:
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