Brown (N.) Group PLC
3 July 2002
N BROWN GROUP PLC
3 July 2002
N Brown Group plc, the Manchester based direct home shopping, fulfilment and
financial services company, will be holding its Annual General Meeting later
today. At the meeting, Sir David Alliance CBE, Chairman, will give the following
'Turnover in the first 17 weeks of the current year is ahead by 6%, maintaining
a similar rate of increase to that reported at the Preliminary Results
Announcement on the 16th May. Our current performance, coming on top of strong
growth in the corresponding period last year, is most encouraging.
We have continued to experience strong sales growth in household and electrical
products, which are 28% higher, partly in response to the extra space allocated
to these goods in our catalogues. Extra space will now be added to clothing and
footwear, sales of which are broadly in line with last year.
There has been a strong increase in turnover generated by catalogues aimed at
our younger customers aged 30 - 45 and in our door to door collections business,
House of Stirling.
The balance of mix towards household and electricals slightly reduces gross
margins. Compensating operational costs have also come down.
Since the year end, our financial services and fulfilment divisions have
continued to perform well and in line with our expectations.
We recently announced our joint venture with Securicor Omega, which will support
our growth plans in our courier-based operation in terms of improving the
quality as well as the costs of our delivery. To continue our drive to further
improve our customer service levels, today we have opened a state of the art one
thousand feet call centre in central Manchester.
Ladies and Gentlemen, I am pleased with our current performance and feel
confident that we will once again make good progress this year.'
N Brown Group plc Tel: 0161 236 8256
Jim Martin, Chief Executive
Tim Kowalski, Finance Director
Gavin Anderson & Co Tel: 020 7554 1400
Neil Garnett/Charlotte Stone
This information is provided by RNS
The company news service from the London Stock Exchange