Multi-channel and specialist fit fashion retailer N Brown Group, has said that it is confident it will deliver full year results in-line with expectations after reporting positive half year figures.
The group, which owns Simply Be, Jacamo and JD Williams, is currently working on a transformation strategy designed to get away from reliance on direct mail and to boost its digital presence. Chief executive Angela Spindler said that this was delivering “tangible results”, including good trading momentum online.
Underlying trading pre-tax profit fell 15.9% to £35 million, in line with expectations but revenue rose 4.2%.
At the company’s department store brand, JD Williams, new customers were up 21%, whilst online performance was particularly encouraging, with penetration over 50% for the first time ever.
Meanwhile, Simply Be and Jacamo saw similar strong performances, with product revenue for both up 21%, like-for-like sales up 6% and profitability of like-for-like stores up 12%.
Angela Spindler, chief executive, said: "We have continued to execute significant changes in H1 and have delivered results in line with our expectations. We are adjusting our retail business model and the way we operate, transforming from direct mail-led to digital first. This has been driven by a clear understanding of what customers want, and fuelled by technology.
“We are pleased with the performance of our Power Brands. JD Williams delivered an encouraging performance, as the improvements we are making begin to take effect. For example, new customer online penetration increased by 21 percentage points to 74%. Simply Be and Jacamo, performed very strongly with revenue up over 20% yoy. Our financial services business is in good shape with performance in line with expectations as the quality of our credit book continues to improve.
“Our transformation into a truly digital first, specialist-fit, fashion retailer is on track and is delivering tangible results, including good trading momentum online. We have previously communicated that this year will be significantly H2 weighted, and that remains the case. H2 has started well, with a pleasing performance in September, in line with our expectations and underpinning our confidence in the full year outturn."
