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French Connection shares plunge 20%

Shares in French Connection have fallen 22% after it warned on Friday that its half-year retail sales would be significantly lower than expected.

The retailer said its retail sales suffered due to continued challenging conditions, although its wholesale and licensing businesses are performing well.

Shares fell from 55p on Wednesday to 42p today.

It has no debt, but its cash position is £2.1m lower than in 2014, at £9.9m.

The company plans to close seven underperforming stores during the course of the year, as part of a previously announced store closure plan.

@Tara_Hounslea

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