UK: N Brown Sales Up 1%, Lowers Profit Forecast
Home shopping and financial services company N Brown Group today issued a profit warning after reporting that turnover for the 20 weeks to 18 January was just 1 per cent up on last year. It now expects group pretax profits for the year to be 5 per cent below last year's levels. The company described sales of the traditional ranges of clothing and footwear as "below expectations" but said that autumn/winter ranges of ladies' fashion and electricals performed strongly. "This mix of sales is likely to result in a 0.8 per cent decline in our full year home shopping gross margin rate against last year," it said in a statement.
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