UK: N Brown to expand after "robust" Christmas growth
Internet and catalogue retailer N Brown has unveiled international expansion plans after reporting "robust" sales growth during the Christmas trading period.
The UK home shopping business today (16 January) said like-for-like revenue grew 7.2 % during the six-week Christmas and New Year trading period to 11 January.
During the 19 weeks to 11 January, total group revenue increased by 5.2%, with like-for-like sales up 5.1%.
The strongest sales performance, N Brown said, came from its younger brands Jacamo and Simply Be. Its men's wear and footwear categories also performed well.
Women's wear growth, however, slowed in October and early November, impacted by the unusually mild temperatures, but performed well over Christmas.
The rate of gross margin was "a little below" its expectations due to markdown activity, which the group said has delivered a clean stock position going into 2014.
Online sales continued to grow and now account for 58% of revenue. N Brown said its store performance was "encouraging", with the seven established stores posting like-for-like revenue growth of 34%.
The company intends to step up investment to grow the business outside its core UK home shopping operation, including new stores and international expansion.
"Having been with the business now for six months, I am even more convinced of its substantial long-term growth potential," said CEO Angela Spindler.
"We are applying the group's unique skills in larger size fashion through a range of increasingly distinctive, relevant, contemporary brands across a broader base of customers and channels. We are only at the start of grasping this opportunity."
Commenting on the results, Shore Capital analyst Clive Black described N Brown as a "business that is more profitable than Asos" and "better positioned for meaningful online internationalisation in apparel than many of its UK peers such as Debenhams and Marks & Spencer".
More than 220 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people in ...
UK retailer Sports Direct International has remained tight lipped over reports it is planning to close up to a third of its loss-making USC fashion stores....
N Brown Group's chief financial officer Dean Moore is to step down from the online and catalogue fashion retailer after 11 years in the role....
- Why Inditex is "clear winner" in fast fashion
- Why fast fashion isn't a case of one size fits all
- Brexit blow to global apparel industry confidence
- Sir Philip Green blamed for the collapse of BHS
- TPP tariff phase-out guides Vietnam sourcing plans
- VF Corp cuts guidance as Q2 profit plunges 70%
- Vietnam mulls wage freeze to boost competitiveness
- US Q2 in brief - Carter's, Wolverine Worldwide
- Teijin launches polyester hook-and-loop fastener
- Ethiopia opens flagship textile and apparel park
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- World Textile and Apparel Trade and Production Trends: the EU - June 2016
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Luxury Goods Retailing in Europe, 2014-2019 ; Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape