LONDON — While net profits at French Connection quadrupled to 1.6 million pounds, or $3.2 million at current exchange, in the financial year ended Jan. 31, compared to a profit of 400,000 pounds, or $808,700 in the previous year, a tough retail environment caused the British retailer’s pre-tax profits to take a 22.5 percent dive.
The rise in net profit was entirely due to the absence of a one-off tax charge that the company paid in 2007, which negatively affected its profits last year, the company said Wednesday. Before taxation, profits in the financial year to 2008 fell 22.5 percent to 3.1 million pounds, or $6.3 million, from 4 million pounds, or $8.08 million, in the same period last year.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)