N Brown Group plc, the Manchester based direct home shopping group, held its Annual General Meeting in Manchester at 2.30pm today. At the meeting all eight ordinary resolutions, and the special resolution seeking authorisation for the company to be able to purchase its own shares, were passed by shareholders.
The following trading statement was given to the meeting:
"Turnover for the first eighteen weeks of the new financial year is just over 8% ahead of last year, a position which has strengthened since we made our preliminary announcement of last year's results in early May. We have increased our investment in new customer recruitment, which I am pleased to report is performing well.
The growth in turnover has occurred across all merchandise categories and all of our main customer groups have improved their performance. The recent catalogue launch aimed at younger women continues to perform well.
Gross margin has been maintained since the year end through continued careful buying and control of stock. Our review of business processes is progressing well and starting to deliver efficiencies which will enhance customer service as well as reduce overheads.
Ladies and gentlemen, as always we are mindful of the many challenges that lie ahead in what continues to be a very competitive, deflationary environment. However, this financial year has started well and we remain confident in our flexible management approach to sales and costs, which has always been a core strength. I feel sure that we can look forward to another year of further progress."
