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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  Inditex - Industria de Diseño Textil    ITX   ES0148396007

INDITEX - INDUSTRIA DE DISEÑO TEXTIL (ITX)
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French Connection's half-year loss narrows, but sales drop

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09/20/2018 | 09:06am CEST
A person walks past a French Connection store in London, Britain

(Reuters) - French Connection Group's cost-cutting drive helped reduce losses slightly in the first half of 2018, but sales dropped, interim results showed on Thursday, underscoring the intense competition facing the FCUK brand owner.

The British fashion retailer said overall revenue fell 10.5 percent to 27.3 million pounds, as like-for-like sales in the UK, Europe were 7 percent lower.

French Connection has closed stores and hired new management and design teams as it struggles to fend off competition from fast-fashion rivals such as ASOS, Forever 21 and Inditex's Zara.

The company expects to close eight more stores this year and has reviewed lease contracts of various other loss-making stores, it said, citing deterioration of trading conditions on the UK high street.

"There is no doubt that progress has not been helped by the trading conditions in which we operate in the UK," said Chief Executive Stephen Marks, who holds a 41.6 percent stake, making him the company's largest shareholder, according to Thomson Reuters data.

The owner of the Great Plains and YMC brands reported an underlying pretax operating loss of 5.5 million pounds for the six months ended July 31, down from 5.9 million pounds a year earlier.

It also recognised an impairment provision of 2 million pounds related to a debt from its Indian licensee and an 800,000 pound bad debt provision due to House of Fraser going into administration.

French Connection, however, reiterated that it was on track to turn profitable by the end of the year.

The retailer said in March for the first time it was close to turning profitable and would consider restarting dividend payments.

The company had agreed in April to sell its 75 percent stake in clothing brand Toast, known for its Venetian palazzo and pyjamas for women, to Dutch firm Bestseller United A/S.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Amrutha Gayathri)

Stocks mentioned in the article
ChangeLast1st jan.
ASOS PLC -0.07% 5866 Delayed Quote.-12.58%
FRENCH CONNECTION GROUP -1.49% 46.4 Delayed Quote.32.68%
INDITEX - INDUSTRIA DE DISEÑO TEXTIL 1.79% 27.25 End-of-day quote.-7.83%
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Financials (€)
Sales 2019 26 800 M
EBIT 2019 4 491 M
Net income 2019 3 516 M
Finance 2019 6 936 M
Yield 2019 2,92%
P/E ratio 2019 23,77
P/E ratio 2020 21,74
EV / Sales 2019 2,85x
EV / Sales 2020 2,60x
Capitalization 83 433 M
Chart INDITEX - INDUSTRIA DE DISEÑO TEXTIL
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Technical analysis trends INDITEX - INDUSTRIA DE DIS
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 30,9 €
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
Pablo Isla Álvarez de Tejera Chairman & Chief Executive Officer
Carlos Crespo González Chief Operating Officer
José Ignacio Fernández Chief Financial Officer
Gabriel Moneo Marina Chief Information Technology Officer
Amancio Ortega Gaona Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INDITEX - INDUSTRIA DE DISEÑO TEXTIL-7.83%98 306
KERING14.33%66 852
FAST RETAILING CO LTD24.62%53 515
ROSS STORES20.81%36 004
PRADA S.P.A.28.80%11 327
BURBERRY GROUP12.05%10 955