UK: N Brown FY profit increases 11.3%
Fashion retailer N Brown has posted pre-tax profit up 11.3% to GBP82.7m (US$120.73m), bolstered by a 38% e-commerce sales increase.
The internet and catalogue home shopping company posted like-for-like revenue up 10.7% to GBP662.5m for the full year to 28 February 2009.
Sales in the retailer's ladies wear division increased by 7% to GBP352m and accounted for 53% of the total revenue. Men's wear saw sales up 27% to GBP57m - 9% of total sales.
N Brown's e-commerce sales rose to GBP225m during the year.
Sales for the eight weeks to 25 April 2009 on a like-for-like basis were up by 6.1%.
Lord Alliance of Manchester, CBE, chairman, said: "In light of the difficult market conditions I am pleased to report that the group has continued its upward momentum. We have seen growth, from both new and established customers, across all our product categories and we are pleased to have seen an average spend per customer increase of 7% in the period.
"E-commerce sales continue to do extremely well and we are confident this is a trend which will persist for the medium term."
Alan White, chief executive, added: "We are encouraged by our performance over the first eight weeks to April 25, 2009.
"Whilst the outlook remains uncertain, we believe that the strength of our customer base and focussed product propositions means we are well-positioned to continue to further increase our market share. We will continue to capitalise on growth opportunities generated from the further development of our core brands, e-commerce strategy and the flexibility of our business model, as well as expanding our international trials."
Help test our new apparel sourcing tool.
As consumer spending has fallen amid the economic downturn, US retail chains have cut back savagely on inventory to save cash. An understandable reaction, but one that could spell trouble for supplier...
Home shopping retailer N Brown Group posted a 13% increase in first half pre-tax profits to GBP41.8m (US$66.9m), boosted by the recruitment of younger customers....
Brown Shoe Company Inc this month debuts the first collection from Italian designer Paola Venturi, the new creative director of its upmarket Via Spiga brand....
Timed to coincide with today's opening of London Fashion Week, a new campaign is calling for British government action to stop fashion retailers exploiting overseas workers....
More than half of the stores operated by High & Mighty, the specialist retailer of clothing and footwear for tall men, have been bought by home shopping group N Brown....
Here is a roundup of the top five most-read stories on just-style. Click on each headline for the full story....
Invista Performance Surfaces and Materials, a unit of fibre maker Invista, is increasing its investment in flame-resistant apparel maker Ashburn Hill Corp....
Footwear operator Brown Shoe Company slipped to a second quarter net loss of US$4.2m after sales slumped 10.1% to $511.6m in the three months to 1 August....
- "Power of the many" drives change at Otto Group
- Hard hit Turkish industry is not knocked out
- China leads US apparel sources with falling prices
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- Inditex and H&M boycott Dhaka Apparel Summit
- JC Penney to close 140 stores amid lower sales
- Bangladesh crackdown has cost garment sector $100m
- Macy's will "do the right thing", says Lundgren
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022