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N Brown Group reports 'solid' trading despite revenue slip in Q1

By BFN News | 07:51 AM | Thursday 20 June, 2019

Plus-sized clothing retailer N Brown Group reported 'solid' trading performance in its fiscal first quarter even as revenue declined as the retailer continued to wind down its legacy offline business. For the 13 week period to 1 June 2019, total revenue fell 3.8%, led by a 12.7% decline in product revenue as the company managed the decline in House of Bath, High & Mighty and Premier Man amid a push to digital. Within Womenswear, JD Williams delivered 5.9% digital growth and 78% of revenue was now digital, the company said. Simply Be, meanwhile, increased digital revenue by 4.6% in the quarter. Ambrose Wilson delivered 'strong' digital revenue growth of 10.1% in the quarter and 56% of its revenue was now digital, an increase of 13% year-on-year, the company said. In Menswear, digital revenue increased 8.8% in the quarter, driven by a good performance from Jacamo. Revenue from Financial Services grew 8.0% year on year, supported by the continued growth in the loan book, the company added. The company left its guidance unchanged; Product gross margin and financial services gross margins were expected to come in flat to 100 basis points lower. '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,' said Steve Johnson, CEO. 'The retail market remains challenging, but we have a clear strategy to deliver profitable digital growth and our full year expectations are unchanged.' Story provided by

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