Belfast Telegraph

UK Website Of The Year

N Brown shares plunge as 'subdued' trading hits profits

Published 20/04/2016

N Brown chief executive Angela Spindler warned of 'challenging market conditions' (N Brown/PA)
N Brown chief executive Angela Spindler warned of 'challenging market conditions' (N Brown/PA)

Shares in N Brown plunged by as much as 14% after the plus size fashion retailer said trading has been "subdued".

Chief executive Angela Spindler warned that N Brown faces "challenging market conditions", adding that "trading since the year end has been subdued".

Ms Spindler was speaking as full year results showed a 2% fall in underlying pre-tax profits to £84.5 million, in line with City expectations.

Revenue rose by 3.5% to £866.2 million, driven by a 15% increase in online sales.

The online and catalogue clothing retailer saw brands Jacamo and Simply Be record double-digit growth and sales in the US rose 29%.

Last year N Brown was forced to issue a profits warning after it slashed prices in an attempt to revive flagging sales.

Darren Shirley, at Shore Capital, said: "The British consumer is showing signs of more caution in recent weeks and months, reflected in the plateauing of consumer confidence and cautionary comments from captains of the apparel world.

"Accordingly, it does not come as a great surprise to us that N Brown is making more cautionary comments."

AJ Bell investment director Russ Mould said: "The group's shares slumped with investors disappointed that trading has been subdued since the start of its new financial year."

Read More

From Belfast Telegraph