N Brown gets uplift from its lingerie profits
N BROWN, the listed fashion and homewear retailer that targets mature and larger shoppers, said it was confident in its outlook for 2012 after posting a 2.5 per cent rise in full-year profit to £96.9m.
Its younger brands performed particularly strongly with Fig Leaves, the online lingerie and swimwear business, reporting the first profit in its 13-year history thanks to “radically pruning” its cost base.
The internet and catalogue business, whose brands also include Simply Be, Marisota and Jacomo, said revenues across the group climbed 4.8 per cent to £753.2m in the year to 3 March, boosted by its expansion overseas and new store openings.
Online sales increased by 16 per cent to £377m and made up 50 per cent of total sales for the first time.
Chief executive Alan White said: “Looking ahead, our multi-channel strategy, combined with our focus on niche customers and products and the flexibility of our business model will look to overcome the challenging macro-economic conditions.”
Like-for-like sales in the first eight weeks of the year edged up 0.6 per cent. White said that while economic conditions remained tough, particularly for its 60-plus shoppers, these should improve in the second half as inflation and income growth become balanced.