Fashion retailer looks to H2 for performance boost

N BROWN, the Manchester-based online, catalogue and high street plus-size fashion retailer has seen its first quarter group revenue edge down 0.2% with a 1.6 % fall in product revenues.

Financial services revenue, however, grew 3.4%,  driven by the increase in new credit customers over the previous financial year.

The company’s full-year guidance remains unchanged and it expects the first half second half performance split to be broadly similar to last year, where it showed a particularly strong performance in the second half.

The company said  product sales in the first quarter had been satisfactory when viewed against the challenging market backdrop.

It is continuing to see increases in online sales penetration, up year-on-year to 67%, with overall online revenue up 6%.

Total active customers were broadly flat year-on-year, with power brands Simply Be, Jacamo and JD Williams brands recording healthy active customer growth, offset by a decline in traditional titles and fifty plus.

Chief executive Angela Spindler said: “Our systems transformation programme, Fit 4 the Future, remains on track in all respects. Looking forward, our new systems will give us a strong platform to capitalise on the significant growth opportunities ahead.”

N Brown is headquartered in Manchester where it designs, sources and creates its product offer, and employs over 2,800 people across the UK.

Last year’s overall group  turnover increased 3.5% to  £866.2m, although underlying profit before tax fell by 2% to £84.5m.