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Reuters
Published
Oct 5, 2009
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French Connection shares up as Altium says 'buy'

By
Reuters
Published
Oct 5, 2009

Shares in fashion retailer French Connection (FCCN.L) gain 2.2 percent as Altium Securities raises its "recommendation to "buy" from "hold" after the company reported late on Friday 2 October that it was closing all of its 21 stores in Japan in an attempt to stem losses.


Photo: www.frenchconnection.com

French Connection said the cash cost of the closure will be less than 0.5 million pounds and there will be one-off charges to the profit and loss account in the year to Jan. 31, 2010, amounting to approximately 2.5 million pounds relating to closure costs and asset write-downs.

The closures come after French Connection reported widening first-half losses in September, and the move prompts Altium to raise its forecasts for the full-year 2011 and up its target price to 70 pence from 50 pence.

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