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How good are people in your job at saving into a pension? Money Morals: What should I charge a friend to rent my spare room? Should I pay off my student loan before applying for a mortgage? Fashion retailer French Connection is ‘very close’ to returning to profitable trading, despite posting annual losses for the sixth consecutive year. 11 per cent during morning trading, up 8. 8p per share, in response to the annual trading figures.
Chairman and chief executive Stephen Marks responding to the trading figures said: ‘Our goal has been to return the group to profitability and I believe we are very close to achieving that aim, given the momentum that we are currently seeing within the business. The chairman and CEO added: ‘While it is clear that the retail market in which we are operating in the UK is unlikely to improve in the near future, we have clear visibility on the benefits we will obtain from the ongoing portfolio rationalisation. French Connection pulled the shutters down on 11 stores and concessions over the last financial year and said it would continue to axe unprofitable sites. The fashion company’s goal is to have around 30 full-price stores by the end of next January. Retail like-for-like sales grew by 0. Last year the company faced severe criticism came from investors, with activist investor Gatemore Capital Management calling for a break-up of the company. Marks, who owns a 41 per cent stake in the company, was also urged to give up his roles as chairman and chief executive.