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French Connection reports loss for fifth year in a row
March 14, 2017 / 7:22 AM / in 9 months

French Connection reports loss for fifth year in a row

March 14 - British fashion retailer French Connection Group Plc reported a full-year loss for the fifth straight year as it struggles to compete with fast-fashion rivals such as ASOS Plc, Forever 21 and Inditex’s Zara.

French Connection said underlying operating loss narrowed to 3.7 million pounds ($4.5 million), for the year ended Jan. 31, from 4.7 million pounds a year earlier.

French Connection, which has been under pressure from activist investor Gatemore Capital Management to explore a sale, replace board members and split the role of the CEO and chairman, said revenue fell 6.7 percent to 153.2 million pounds.

Sales at stores open for more than a year in the UK and Europe were up 4.4 percent. The two regions accounted for more than three quarters of the company’s revenue. ($1 = 0.8239 pounds) (Reporting by Arathy S Nair and Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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