N Brown makes quarterly progress, on track for full-year

18th Jun 2014 07:09

- Quarterly LFL sales growth of 2.5%- Strong growth from younger titles- On track to meet full-year targetsFTSE 250 home-shopping business N Brown said total group revenues for the 15 weeks to June 14th rose 2.6%, including like-for-like (LFL) growth of 2.5%, in line with company expectations.The group, whose brands typically target people aged 30 and above, said growth over the period was supported by the performance of its younger titles, Simply Be and Jacamo, which were up 6% and 10% respectively.Sales at its stores continue to gather momentum, up 20% on a LFL basis.The group said it is making good progress in making its range of clothes more contemporary to broaden its appeal and accelerate its growth potential.The group intends to open seven further Simply Be/Jacamo dual branded stores in Belfast, Birmingham, Cardiff, Edinburgh, Norwich and Exeter. Its Oxford Street store opens in September."Overall, we are pleased with our performance in the quarter. Our strategic initiatives have been implemented well and are performing in line with our expectations, improving the quality of sales and benefiting underlying margin and bad debt ratios as predicted. "We are on track to deliver on our plans for the year as a whole," N Brown said in a company statement.CJ