Shares in high street retailer French Connection (FCCN) jumped 11 per cent as the fashion chain reported double-digit sales growth in the first quarter.
In the 11 weeks to 12 April, like-for-like sales in the UK/Europe retail division, which accounts for roughly 57 per cent of group gross profit, grew 11 per cent. The division only moved into like-for-like growth in the second half of last year, when sales inched up by 1.4 per cent, so the recent trading is an extremely positive indicator as it suggests the trend has continued and the turnaround is gathering pace. However, management did offer a caveat, pointing out that the first half of the current financial year is up against soft comparatives, with tougher ones to come in the seasonally stronger second half.
