High street retailer French Connection has issued a downbeat forecast about its prospects for the rest of the year. Whilst the Group expects to make a profit this year, the retailer says that unless activity on the High Street picks up it will be less than it made last year, according to the BBC.
French Connection’s sales in August and October were lower than it expected, and it is now more cautious about its prospects for next year. Like-for like sales at the retailer were down 3% in the past 14 weeks. “Our experiences are causing us to be more cautious about the general consumer environment for the last quarter and into next year,” the company said in a press release.
The brokerage Panmure Gordon has advised its clients to sell shares in French Connection and cut its forecast for its pre-tax profits this year by 40%. Shares in French Connection were down 6p, or 4.3%, at 134.5p in early trading.
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