Profits climb at N Brown Group
N Brown, the home shopping group, has reported a 5.5% rise in annual profit before tax taking it to £98.2 million for the year ending 26 February.
The group which owns Simply Be, Oxendales, Jacamo, Marisota and the recently acquired Figleaves and High & Mighty increased revenue by 4.2% to £718 million. Like-for-like sales increased 1.5% in the ten weeks ending 7 May.
N Brown Chairman, Lord Alliance of Manchester said: “We are pleased to announce another robust group performance in what can only be described as difficult trading conditions, and we are also encouraged by the good start to the new financial year."
“There is no doubt the UK consumer will be facing a tough time, with rising costs and falling income, but we are confident our strategy to focus on our core business, whilst investing in new brands and pushing forward internationally, will continue to deliver in 2011," he added.
The group said a major part of its growth strategy would focus on the international expansion of its Simply Be brand in the coming months and that the first few months’ trading in the US had been encouraging. It also said it expected to see improvements in the trading performances of Figleaves and High & Mighty as a result of an investment in systems, product development and store openings.
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