TIDMFCCN

RNS Number : 3008I

French Connection Group PLC

11 December 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 December 2020

French Connection Group plc

("French Connection" or the "Company")

Trading Update and Funding

Trading

As we set out in our Half Year results announcement on 13(th) October, trading in the early part of the second half of the year was in line with our expectations, however, as a consequence of the tightening of COVID-19 guidance in September, footfall declined and conditions became slightly more difficult across the retail channels. This was then compounded by the full closure required during the second lock down in November. Since the England and Wales stores and concessions reopened on Wednesday 2nd December trade has been encouraging.

Our ecommerce channels continue to trade positively even though we have adopted a less promotional stance during the period than last year.

Wholesale has performed well with our major online customers continuing to trade and take deliveries throughout the period. Spring 21 orders are currently ahead of our expectations.

Funding

In addition we are pleased to announce that our US business, based in New York has secured US$6.5million of additional funding through the Main Street Lending Programme to support our US based operations and employees.

The loan, through Flushing Bank, Uniondale, NY is for a period of 5 years with repayments commencing from the end of the 3(rd) year. The US business, being predominantly wholesale, therefore requires a significant amount of working capital at certain times of the year to operate, which this will provide.

Outlook

Looking forward there will continue to be considerable challenges, with both the ongoing impact of COVID-19 and the uncertainty relating to Brexit but we feel we are well positioned to capitalise on any opportunities that arise.

Enquiries:

 
 French Connection Group plc 
  Neil Williams, Chief Operating Officer 
  Lee Williams, Chief Financial Officer                  +44 (0) 20 7036 7206 
 WH Ireland (Sole Broker & Financial Adviser) 
  Adam Pollock (Corporate Broking) 
  Adrian Hadden / James Sinclair-Ford / Chris Savidge 
  (Corporate Finance)                                    +44 (0) 20 7220 1666 
 Paternoster Communications 
  Tom Buchanan 
  Catriona Woolner-Winders                               +44 (0) 20 3012 0241

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END

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December 11, 2020 02:00 ET (07:00 GMT)

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