N Brown Q3 sales dip despite November recovery
- September sales fall 10.8%
- October sales up 1.5%
- November sales climb 3%
Sales at online and catalogue fashion retailer N Brown fell 2.3% in the third quarter, with revenues recovering later in the period after a poor start.
The owner of brands including Simply Be and Jacamo said mild weather had sent revenues tumbling by 10.8% in September, but sales rose 1.5% in October and 3% in November.
The UK company said its relaunch of the JD Williams brand had brought a 30% increase in new customers in the three months to 29 November, while online sales penetration reached 60% of total sales.
New store openings for Simply Be and Jacamo had helped the two brands to boost revenues by 78%, and N Brown reported “steady growth” in the US with product demand up 10%.
“We have seen an excellent response from both existing and new customers to planned higher profile brand activity on our JD Williams, Simply Be and Jacamo power brands,” said chief executive Angela Spindler.
“We have a clearly differentiated proposition and the longer range market projections for online growth and changing demographics are in our favour.”
Shore Capital analyst Darren Shirley said the “reassuring” later sales trend reflected a pick-up in sales of traditional winter apparel.
Meanwhile, Investec said of the financial year ahead: “We view the investments and changes at N Brown as catalysts to drive the business forwards as it adds retail disciplines and improves infrastructure, enabling it to become a double-digit growth story.”
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