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N Brown Group has continued to increase its share of the home shopping market, in what has been a difficult year for the sector. Consequently, despite a disappointing dip in financial performance in the year to 1 March 2003, the business has an excellent market position and a number of core strengths which, together with the steps we are taking, leave me confident that we will deliver growth over the medium term.
I rejoined the Group in September 2002, succeeding Jim Martin who, after 18 very successful years as Chief Executive, has stepped up to the role of Non-Executive Deputy Chairman. I have reviewed all of our businesses and catalogues to ensure that we are making the most efficient use of our resources and we have implemented some changes to execute our strategy more effectively.
Our target is to be the leading home shopping company for the over 35 market in the UK. We already have a strong position, particularly in the 50 plus sector, through our long established catalogues, based on key selling propositions of appropriate products by age category, larger sizes and specialist clothing and footwear fittings. These propositions are supplemented by a growing household and electrical range and they are all supported by flexible credit systems, which are essential to the majority of our target market.
In addition to sales from the catalogues, which account for about half our turnover, there is a regular monthly programme of special interest leaflets targeted at the customer database, utilising sophisticated data modelling techniques.
As well as direct home shopping activities the group has growing businesses in fulfilment and financial services.
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