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N Brown Group revenues fall 1.6% in Q3 as offline business hurts performance

By BFN News | 08:02 AM | Thursday 17 January, 2019

N Brown Group maintained its outlook for the full-year even as revenues declined in the third quarter weighed down by its legacy offline business. Revenue fell 1.6% in the third quarter, led by a 6% decline in its product segment, though this was partly offset by 'robust' online performance as it transition into a digital retailer continued, the company said. Total online Power Brand revenues increased by 6.4% in the quarter, with digital sales now accounting for 78.5% of product revenue compared to 71.0% for the same period last year. The Financial Services segment performed well as revenue was up by 9.7% mainly driven by increased interest charges, with other non-interest lines marginally ahead. For 2019, the group predicted operating costs to fall 2% to 4% from 3% previously, while previous guidance of about £67m exceptional costs was expected to increase 'due to an impairment charge on the Group's VAT debtor asset, to be determined at the year-end,' N Brown said. Financial services gross margin was expected fall by 100 to 200 basis points and product margins by 0 to 100 basis points, unchanged from previous guidance. At 8:02am: (LON:BWNG) Brown N Group PLC share price was +2.6p at 103.5p Story provided by

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