French Connection revealed another £7 million profit blow today as the beleaguered fashion chain was forced to cut prices to shift its summer ranges (pictured).
The chain, which warned in May that its full-year profit would miss market expectations, said sales between February and July fell 7% as a cool, wet summer kept shoppers away.
It has begun a strategic review of its loss-making UK retail business and has plans to close some stores to reduce costs.
It remained “very cautious” for the second half but said it is working on new licensing deals, including coats, furniture and accessories, to improve profits.
Further bad news came as US department store chain Sears scrapped a licensing agreement.
The shares have more than halved since the start of the year to 21p.
