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N Brown on track despite drop in first half revenue

N Brown, the online, catalogue and stores retailer, has reported a drop in first half revenues after sales at its largest brand JD Williams declined by… View Article

GENERAL MERCHANDISE NEWS

N Brown on track despite drop in first half revenue

N Brown, the online, catalogue and stores retailer, has reported a drop in first half revenues after sales at its largest brand JD Williams declined by 3%.

However, the company said it is on track to achieve its full year forecast as it continues its “transitional year” and moves further away from a traditional mail order model.  

In the 26 weeks to 30 August revenues edged down 0.6% while like-for-like revenue dropped by 0.5%.

Sales at JD Williams fell by 3% but the brand increased its number of new customers by 20%. Sales at Simply Be and Jacamo grew by 4% and 10% respectively.

Store like-for-like sales were strong at +17%.

Home and gift sales fell by 9%, although profits improved, due to a planned reduction in non-core home and electrical ranges.

N Brown said it is currently experiencing a transitional year. It added that planned phasing adjustments to its Simply Be and JD Williams fashion ranges had impacted sales in the half while a reduction in marketing investment contributed to sales being down 3.2% in the second quarter. Spend has been moved into customer recruitment and re-phased to the second half.

Chief executive Angela Spindler said: “During the second quarter we have sharply accelerated the pace of our drive to be the global retailer famous for making shopping for fashion easy and enjoyable regardless of size. We have pushed on with our programme of far-reaching change aimed at modernising the way we operate and how we go to market, equipping the business to capitalise on the attractive long-term opportunities we see in our space.

“The combined effect of changes to our category focus, the planned reduction in credit sales from high risk areas and the reduction and re-phasing of our mailing programme has reduced revenues in the half, however we have improved the quality and profitability of our sales.

“I am pleased with progress so far; the team is implementing the plan effectively, delivering our differentiated offer for customers and continuing N Brown’s record of strong financial performance. With a strong activity plan for the second half we are on track to deliver our full year forecast.”

N Brown is due to open its latest Simply Be/Jacamo dual branded store on London’s Oxford Street tomorrow.

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