FASHION retailer French Connection said it was “delighted” to return to full-year profit – as it reaped the rewards of a major shake-up.
The company posted profits from continuing operations of £8.9m in the year to January 31, compared to a loss of £9m for the previous 12 months.
Restructuring has seen the company sell its loss-making Nicole Farhi brand and close its Japanese business and some stores in North America and Europe.
The shake-up left French Connection with its UK and European retail and wholesale operations, the Great Plains wholesale-only ladieswear range and Toast, its mail order fashion and home wares brand.
Chairman and chief executive Stephen Marks said the business was “back on track’’ following its reorganisation.
He said: “I am delighted with the significantly improved performance for our latest financial year.
“We have achieved a considerably higher profit from the core continuing operations, notwithstanding a period of major change for the group and challenging market conditions.”
Same store sales in the UK and Europe fell by 1.4% in the year, but sales to other retailers in the division grew by 11% to £36.1m.
Group sales from continuing operations rose by 2% to £205m.