UK: N Brown CEO and chairman to retire as revenues rise
By Katie Smith | 3 July 2012
- CEO and chairman announce to step down
- Revenue up 2.5% for 17 weeks to 30 June
- Like-for-like revenue up 1.9%
Internet and catalogue home shopping retailer N Brown Group has announced the retirement of its chief executive Alan White and chairman Lord Alliance of Manchester, as the company saw revenues rise 2.5% today (3 July).
White is expected to retire in the second half of 2013 and build a portfolio of non-executive roles. He will remain in the role until a replacement is settled within the business.
Lord Alliance of Manchester will resign on 1 September after 40 years with the company. He will be replaced by Andrew Higginson, formerly an executive director of UK supermarket chain Tesco.
Both While and Lord Alliance of Manchester will step down from the board at the end of the year.
Meanwhile, revenue increased 2.5% for the 17 weeks ended 30 June, while like-for-like revenue was up 1.9%. Online revenue growth remained strong and now accounts for almost 53% of total sales, the company said.
Men's wear, footwear and lingerie all showed growth, although there was high demand for key value lines or products with promotional discounts, including online deals of the day. This resulted in a 1% lower rate of gross margin than the company anticipated.
N Brown expects gross margin to improve throughout the year as planned lower stock levels will result in reduced volumes of discounted excess stock, compared to the second half of last year.
Meanwhile, women's wear revenues were lower than expected due to the ongoing unsettled weather, which dampened sales of summer clothing.
Sectors: Apparel, Finance, Retail
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