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Global clothing retailer French Connection Group PLC reported an annual rise in pre-tax profits to £7.3 million on Wednesday for its core continuing operations from a year earlier, following a restructuring which trimmed losses at the Group level.
The French Connection said its pre-tax profit increased to £7.3 million for the year ended January 31, 2011, compared with a profit of £0.7 million in the prior year. Revenue from its core continuing operations increased two percent to £205.0 million.
The company said it had completed its restructuring during the year, which resulted in a loss at the Group level being trimmed to £2.4 million compared with £24.9 million in the prior twelve month period.
"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," the retailer's chief executive Stephen Marks said in a statement.
"The current economic climate is clearly difficult and it appears likely that it will remain so in the coming year. However, I am confident that we have the people, infrastructure, drive and brand strength to build further on the growth we have achieved," Marks added.
French Connection's core continuing operations reflect the entire retail business remaining in operation and exclude the trading results of discontinued operations.
The fashion retailer's discontinued business includes the Nicole Farhi operations which were sold in the year and, in FY10, the Japan business which was closed in that year, in addition to the results of certain US retail stores which were closed by year end.
Author: Justin Cole, analyst.
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