British fashion retailer French Connection Group PLC said Monday that retail sales in the U.K. and Europe grew by 1 percent in the first fourteen weeks of the second half of the year, but fell 3 percent at stores open at least a year.
"In line with the general fashion retail market, overall sales in both August and October were lower than expected and the company's experiences are causing it to be more cautious about the general consumer environment for the last quarter and into next year," the company said in a statement.
French Connection said revenue in its wholesale business in the U.K. and continental Europe is below the level seen last year, reflecting lower levels of orders.
The shares dropped 3.9 percent to 135 pence (US$2.82; EUR1.92) on the London Stock Exchange.
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