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French Connection fiscal H2 profit climbs YOY

French Connection Group PLC said its normalized net income for the fiscal second half ended Jan. 31 amounted to 2 Great British pence per share, a gain from 1 pence per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £1.9 million, an increase from £962,500 in the year-earlier period.

Total revenue decreased 5.0% on an annual basis to £94.5 million from £99.5 million, and total operating expenses decreased 6.8% from the prior-year period to £91.4 million from £98.1 million.

Reported net income grew year over year to £2.4 million, or 2 pence per share, from £41,290.

For the year, the company's normalized net income totaled £400,000, compared with a loss of £-2.9 million in the prior year.

Full-year total revenue decreased 5.8% year over year to £178.5 million from £189.4 million, and total operating expenses declined 7.8% on an annual basis to £179.4 million from £194.5 million.

The company said reported net income totaled a loss of £1.5 million, or a loss of 2 pence per share, in the full year, compared with a loss of £6.1 million, or a loss of 6 pence per share, the prior year.