At the AGM which is being held in Manchester at 2.30 pm today, the following statement will be made by the board:
In the first 18 weeks of the current year, group turnover is down by 1.9%, after a difficult trading period in the retail sector.
Our core clothing and footwear catalogue sales continue to perform well. However, the impact of tightening our credit policies has resulted in a further reduction in home and leisure sales.
We are continuing to develop N Brown as an increasingly focussed multi channel retailer specialising in niche product areas with new channels to market. Sales through our web-sites are well up on last year and we are about to launch the Express Shopping Channel, our joint venture with Northern and Shell, on satellite television in the Autumn.
The rationalisation of the non-core activities has meant the closure of Eunite, the interactive services company, and we are progressing the disposal of our television rental business.
A number of measures to drive the business forward, including further extensions to the product ranges, have been initiated. We expect the effect of these, and targeted cost reductions, to result in an improving performance as the year unfolds.
For further information please contact:
N Brown Group plc Tel: 0161 238 2202
Alan White, Chief Executive
Dean Moore, Finance Director
Gavin Anderson & Company Tel: 020 7554 1400
Liz Morley / Louisa Hollins
