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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Industria de Diseño Textil, S.A.    ITX   ES0148396007

INDUSTRIA DE DISEÑO TEXTIL, S.A.

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French Connection posts full year loss as UK high-street competition weighs

03/10/2020 | 03:57am EST
A person walks past a French Connection store in London, Britain

Clothing retailer French Connection reported a full-year loss on Tuesday, citing difficult trading conditions on UK's high streets and said it would continue to hold back paying dividends this year.

The retailer, once known for its provocative FCUK brand of clothing and accessories, has struggled to differentiate itself from rivals such as Inditex's Zara, which offers a greater variety of clothes at lower prices.

Along with other British retailers like Ted Baker and Superdry, French Connection has also faced subdued consumer demand brought on by political uncertainty related to Britain's exit from the European Union, while brick and mortar retail is suffering from a shift to online shopping.

French Connection, whose brands include Great Plains and YMC as well as its eponymous label, posted an underlying loss of 2.9 million pounds for the year ended Jan. 31, compared with a profit of 0.8 million pounds a year earlier.

"Performance during the second half has been considerably worse than expected, particularly during the fourth quarter in the UK," Chief Executive Officer Stephen Marks said in a statement, citing lower in-season orders being received and wholesale deliveries being shifted into the new year.

Like-for-like sales in its United Kingdom/Europe business ended down 2.5% for the year, due to intense competition on UK's high streets - Regent and Oxford- in the second half of the year, a sharp reversal from the 1.4% rise it had seen in the first half.

"We believe the trading landscape in the UK is unlikely to improve in the short term and this has a potential impact on both the retail and wholesale businesses," Marks said.

Total group revenue fell 11.4% to 119.9 million pounds, with wholesale revenue down nearly 5%. Revenue was hurt in part due to the company's decision to close 11 stores, three outlets and four concession stores.

The company also said it was reviewing coronavirus' impact on its supply chains for winter wear coming from the Far East and the further reductions in footfall it could see on UK high streets, but at the moment could not estimate its effect on its business.

The company's stock has lost nearly 54% of its value so far this year.

(Reporting by Siddharth Cavale and Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 0.73% 24.93 Delayed Quote.60.09%
FRENCH CONNECTION GROUP PLC 0.47% 10.75 Delayed Quote.5.16%
INDUSTRIA DE DISEÑO TEXTIL, S.A. -1.50% 25.59 Delayed Quote.-0.23%
SHIFT, INC. 5.37% 13150 End-of-day quote.-8.11%
SUPERDRY PLC 1.19% 221.8 Delayed Quote.-11.11%
TED BAKER PLC -3.02% 105.9 Delayed Quote.-5.94%
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Financials
Sales 2021 21 365 M 26 001 M 26 001 M
Net income 2021 1 354 M 1 648 M 1 648 M
Net cash 2021 4 633 M 5 639 M 5 639 M
P/E ratio 2021 57,9x
Yield 2021 2,26%
Capitalization 79 711 M 97 031 M 97 010 M
EV / Sales 2021 3,51x
EV / Sales 2022 2,80x
Nbr of Employees 122 745
Free-Float 35,6%
Chart INDUSTRIA DE DISEÑO TEXTIL, S.A.
Duration : Period :
Industria de Diseño Textil, S.A. Technical Analysis Chart | ITX | ES0148396007 | MarketScreener
Technical analysis trends INDUSTRIA DE DISEÑO TEXTIL, S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 28,09 €
Last Close Price 25,59 €
Spread / Highest target 29,0%
Spread / Average Target 9,78%
Spread / Lowest Target -29,7%
EPS Revisions
Managers and Directors
NameTitle
Carlos Crespo González Chief Executive Officer & Executive Director
Pablo Isla Álvarez de Tejera Executive Chairman
José Ignacio Fernández Chief Financial Officer
Amancio Ortega Gaona Non-Executive Director
Emilio Saracho Rodríguez de Torres Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INDUSTRIA DE DISEÑO TEXTIL, S.A.-0.23%98 282
FAST RETAILING CO., LTD.-0.70%90 598
KERING SA-7.44%83 452
ROSS STORES, INC.-6.31%41 132
HENNES & MAURITZ AB7.21%36 807
ZALANDO SE8.13%30 112