Solid first quarter for retail group N Brown
Manchester retail group N Brown reported a solid first quarter trading performance today.
In an update to the market covering the 13 weeks to June 1, the group said it had experienced continued growth in digital trading, meaning its full year expectations remain unchanged.
Digital revenues rose 3%, while financial services revenues jumped by 8%, although total revenues were 3.8% down.
This included a 12.7% decrease in product brands revenue, in line with the group’s strategy of scaling back unprofitable offline marketing and recruitment.
A strong digital performance from Oxendales and Figleaves was more than offset by the continued managed decline in House of Bath, High & Mighty and Premier Man.
Today’s update revealed that 83% of total revenues are now from digital devices, an increase of 9%, while 84% of digital traffic is now from mobile devices, an increase of 6%.
The group includes brands such as JD Williams, Jacamo, Simply Be and Ambrose Wilson.
Chief executive Steve Johnson said: “We’re pleased to report a solid trading performance in the first quarter.
“In line with our strategy, we delivered digital revenue growth across JD Williams, Simply Be, Ambrose Wilson and Jacamo as we continue to improve our customer offer whilst managing the decline of our legacy offline business.
“The retail market remains challenging, but we have a clear strategy to deliver profitable digital growth and our full year expectations are unchanged.”