Brown (N.) Group PLC
5 July 2000
N Brown Group plc
AGM Statement
N Brown Group plc, the Manchester based direct home shopping group, held its
Annual General Meeting in Manchester today. At the meeting all six ordinary
resolutions and all eight special resolutions, including the approval of a
capitalisation issue of one new ordinary share for each ordinary share held,
were passed by shareholders.
Sir David Alliance CBE, Chairman, gave the following trading statement to the
meeting:
'In May, when we made our preliminary announcement, I referred to a 6%
increase in our turnover for the first 10 weeks of the current year. I am
pleased to report that this rate of growth has been maintained during the last
8 weeks. In line with the board's stated strategy, referred to last year,
turnover of homewares, electrical products and from our younger catalogues has
been especially strong.
The rate of gross margin is similar to that of last year and stock levels are
being tightly managed. We have a number of initiatives in progress to develop
our business for the future and are continuing our efforts to reduce costs and
improve service.
I am pleased to say that Zendor.com, our recently announced fulfilment
company, is progressing well and in line with our expectations. We are
working with a number of companies, including New Look and River Island, on
their distance shopping strategies. We are also in the advanced stages of
negotiation with several other companies, including multi-national retailers
as well as manufacturers who are proposing to sell direct to the consumer.
Ladies and Gentlemen, our management has in the past demonstrated an
innovative and flexible approach to growing the business in difficult
conditions. I am confident that this ability will enable us to respond
positively to a tough retail climate and I feel sure we can look forward to
further progress this year.'
Enquiries:
N Brown Group plc
Jim Martin, Chief Executive
Tim Kowalski, Finance Director 0161 236 8256
Gavin Anderson & Company
Howard Lee / Louise Evans 020 7457 2345
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