UK retailer N Brown, which focuses on “plus-sized and more mature” customers, is closing up to five of its loss making stores.
In a trading update on the last three months to the start of June, N Brown said it would shutter the Simply Be and Jacamo joint stores on the back of weak footfall. The stores accounted for the group’s entire £2m operating loss from its store estate in 2017.
N Brown generates over 70 per cent of its revenue from online sales, a rise of 4 percentage points over the last year. Overall traffic to its websites was up 34 per cent in the period.
Ladieswear was the best performing division in its clothing range, with revenues up 13.5 per cent year on year and driving overall product sales up 10.2 per cent. Total group revenues climbed 5.6 per cent and were dragged down by a 4.9 per cent drop in its financial services arm which provides customers credit to help pay for purchases.
“Although the outlook for consumer confidence remains uncertain, our offering is resonating with customers”, said Angela Spindler, chief executive.
“At this early stage in the financial year, trading is on track to meet our expectations. We continue to invest in our customer proposition and remain very confident in our future growth prospects”, she said.
N Brown shares are up nearly 28 per cent this year.