French Connection sees 24 per cent increase in online sales as it "tightly manages" cost base
An international fashion retailer has reported that it has seen a 24 per cent increase in online sales over the last 15 weeks.
French Connection, headquartered in London, announced today that it is seeing sales volumes grow week on week as lockdown restrictions lift across the world.
The company reported that while initial sales since reopening have been low, conversion of those customers actually in the stores has been better than in the prior year.
French Connection said: “The company will continue to tightly manage its cost base over the coming months and we await better visibility on the speed of the recovery of demand across its different business channels and territories.
“Although the stores have reopened, with appropriate increased hygiene and social distancing measures in place to keep colleagues and customers safe, it is too early to predict how quickly and to what extent store footfall and therefore sales will recover.
“This will also impact the rate of improvement within the wholesale channel.
“Given the company’s new liquidity, together with the actions being taken to optimise sales, tightly manage costs and preserve cash, the board is confident that the company is well positioned to navigate an extended period of uncertain consumer demand, however due to the ongoing uncertainty it does not feel it is appropriate to provide profit guidance at this point.”
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