N Brown Group, and its principal subsidiary, JD Williams and Company Ltd, is a leading internet and catalogue home shopping company, with over 140 years of experience in the distance shopping market. Our extensive ranges of value products, principally clothing, footwear, household and electrical goods, are carefully targeted at the right customers and are provided through whichever channels to market our customers demand. In addition we provide financial services to our customer base, including flexible credit plans.

http://www.nbrown.co.uk/

N Brown boss buys big in this weeks IC -

Management is investing overseas, with a keen eye in the US where the plus sized womenswear market is worth $35bn (£22.3bn). Its also opening a number of small number of UK high street stores to tap into the plus sized market here and to give shoppers a further channel through which to buy its products.
A recent christmas trading statement peppered with positive news was quickly followed by appointment of Angela Spindler as chief executive. This was clearly enough to convince the chairman , Andrew Higginson, that there was a buying opportunity at hand. In fact, on the day of the appointment Mr Higginson bought 25,500 shares at 368p, worth £93,840 . This was soon followed by a further purchase of 56,349 shares worth £213,095, bringing his total holding to 81,849 shares, a strong vote of new confidence in the new boss and the future of the business.

The directors buying seems to tell of good news in the pipeline.

Brown (N) Group: HSBC takes target price from 420p to 430p reiterating an overweight rating.

Still a buy in this weeks shares mag.

Just seen the chairman Andrew Higginson is a former Tesco man- chairman of Tesco Bank

Been climbing nice and steady all week.

Just gone long. Looks like the 400p barrier broken.

http://www.barchart.com/opinions/stocks/BWNG.LS

one of ten shares in IC this week for your ISA.

The shares are up 58% in the past year alone. But there is a good reason to think they could move higher still, especially after extra investment in marketing saw bumper like-for-like sales growth of 8% over its christmas quarter. Whilev many retailers are cutting store space and finding it difficult to tackle multichannel retailing, N Brown started out as a home shopping company- so like more mainstream rival Next, thats given it a head start in building a successful online proposition, which now makes up half of sales. Now, it's even opening a small number of UK high-street stores to attract new customers and increase awareness of its brand. So far,the trials have proved successful, and a decision on further rollout could come soon. Analysts believe this could add as much as 5% to sales directly over the next two years . Management is also continuing over-seas investment , with particular eye on the $35bn plus -sized US womenswear market, and its likely that newly appointed chief executive Angela Spindler could move more aggressively to capture this prize - that could prompt a further upward re-rating of the shares.

Brown (N) Group: Credit Suisse initiates with a target price of 405p and a neutral rating.

As of Mar 09, 2013, the consensus forecast amongst 14 polled investment analysts covering N Brown Group plc advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts improved on Feb 07, 2013. The previous consensus forecast advised investors to hold their position in N Brown Group plc.

As of Mar 15, 2013, the consensus forecast amongst 14 polled investment analysts covering N Brown Group plc advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts improved on Feb 07, 2013. The previous consensus forecast advised investors to hold their position in N Brown Group plc.
N Brown Group PLC (BWNG:LSE) set a new 52-week high during today's trading session when it reached 433.20. Over this period, the share price is up 79.53%.
.

:-))

Brown (N) Group: Goldman Sachs upgrades to neutral with a target price of 230p.

Brown (N) Group: HSBC Holdings takes target price from 430p to 485p and retains an overweight rating.

Final Results

http://www.moneyam.com/action/news/showArticle?id=4580483

------------------------------------------------------------------------------------------------Brown (N) Group: Panmure Gordon ups revises target price from 400p to 460p maintaining a hold recommendation.

N Brown Group PLC (BWNG:LSE) set a new 52-week high during today's trading session when it reached 458.60. Over this period, the share price is up 95.89%.

An encouraging acceleration in top-line and gross margin performance in H2 vs H1 reflects the successful impact of a customer recruitment exercise, (+6% active customers). A strong bounce back in product gross margin (+220bp in H2 vs -90bp in H1) drove a 53% gross margin (flat vs H1 -160bp). A strong online platform (now 55% sales growing at 15%) in combination with its traditional catalogue business, a small but fast-growing international business and store format trial, give management confidence in the current-year outlook.


http://www.edisoninvestmentresearch.com/researchreports/nbrown260413qv.pdf

Brown (N) Group: UBS increases target price from 385p to 445p, while its neutral rating remains unchanged.

02 May 06:57 Brown (N) Group PLC Jefferies International Retains

10:14

FLASH: Jefferies International retains buy on N Brown, target raised from 380p to 500p
Story provided by StockMarketWire.com

N Brown Group PLC (BWNG:LSE) set a new 52-week high during today's trading session when it reached 470.00. Over this period, the share price is up 107.22%.

A buy in Shares this week, they seem to think this has further to run. While a prospective price earnings ratio of 15.7 is not cheap, N Brown's status as one of the distressed retail sector's few structural winners more than merits its premium rating.

Interim Management and AGM Trading Statement

RNS


RNS Number : 3461I

Brown (N.) Group PLC

02 July 2013






2 July 2013

N Brown Group plc



INTERIM MANAGEMENT AND AGM TRADING STATEMENT



At the Annual General Meeting being held today at 12.30pm Andrew Higginson, Chairman, will make the following statement on current trading:



I am pleased to report that the positive trends we disclosed when we reported our full year results on 1 May 2013 have improved even further in the last 10 weeks. In the 17 weeks ended 29 June 2013 total group revenue increased by 8.0% and like-for-like revenue was up by 7.8% after excluding sales from stores opened in the last year.



Contributions to the revenue growth have come from all our major brands, product groups and channels, including online, stores and international. Ladieswear revenue has recovered as the weather has improved, and we continue to see strong growth from menswear and footwear. Home and gift's sales momentum is continuing and it remains our fastest growing product category.



The key brands targeted at customers under 50 - Simply Be, Fashion World and Jacamo, all delivered good growth. Within the brands targeted at customers over 50, there were strong performances from Marisota, House of Bath and Julipa, with the JD Williams group of brands also growing, although at a more modest rate than our over 50's brands overall.



Customer recruitment has gone according to plan, with spend level maintained at last year's increased rate. We are progressing with our contact optimisation programme, reducing the number of brochures mailed to customers and investing more in the online channel, which now accounts for 56% of total home shopping revenue.



The Marisota and Jacamo websites have now been launched in the United States to complement Simply Be and Figleaves and we continue to see exciting opportunities in this market. In the UK, the dual fascia Simply Be/Jacamo stores are making good progress and we will be deciding shortly whether to open any more in time for Christmas 2013.



Angela Spindler joined the business as Chief Executive on 1 July 2013, taking over from Alan White who retires from the group on 31 October 2013.



We have made a good start to the year and we will endeavour to keep up the momentum whilst recognising that our customers continue to face pressure on their disposable income. The board remains confident of a positive outcome for the year.



-Ends

N Brown sees positive momentum pick up in first quarter

Tue, 02 July 13


Underlying revenue growth at FTSE 250 home-shopping business N Brown accelerated strongly in the first quarter of its financial year with all of its core products contributing.

In a prepared statement for Tuesday's annual general meeting (AGM), Chairman Andrew Higginson said that the positive trends announced at the time of the full-year results in May have "improved further in the last 10 weeks".

The company, whose brands typically target people aged 30 and above, had said that group revenues in the first seven weeks of the year to April 20th were up 6.3% with like-for-like sales 6.1% higher.

This growth had sped up to 8.0% and 7.8%, respectively, in the 17 weeks to June 29th, helped by growth from all major brands, product groups and channels, including online, stores and international.

N Brown's brands include Simply Be, Jacamo and Figleaves.

"Ladieswear revenue has recovered as the weather has improved, and we continue to see strong growth from menswear and footwear. Home and gift's sales momentum is continuing and it remains our fastest growing product category," Higginson said.

Spend level of customers has been maintained at last year's increased rate helped by customer recruitment. N Brown is currently in the process of cutting down the number of brochures it sends out and is investing more in the online business, which now accounts for over half of total home-shopping revenue.

Higginson concluded: "We have made a good start to the year and we will endeavour to keep up the momentum whilst recognising that our customers continue to face pressure on their disposable income. The board remains confident of a positive outcome for the year."

The stock was up 3.97% at 484.5p by 08:46 on Tuesday.

N Brown: Panmure Gordon raises target price from 460p to 475p maintaining a hold recommendation.

3 Jul Cantor... 470.00 Hold

Director Deals - Brown (N) Group PLC (BWNG)

BFN

Andrew Higginson, Chairman, bought 827 shares in the company on the 2nd July 2013 at a price of 577.00p. The Director now holds 83,334 shares.
NOTE: Price for transaction £4,777
Story provided by StockMarketWire.com
Director deals data provided by www.directorsholdings.

Brown (N) Group: HSBC Holdings ups target price from 485p to 500p keeping an overweight rating.

Less is more for N Brown as summer fashion underwear takes off

HOME shopping fashion retailer N Brown said yesterday summer sun had given its sales an extra glow.



Published: Wed, July 3, 2013










Jelena-Ristic-models-the-Figleaves-line-of-lingerie-for-N-Brown


The weather improved and female demand bounced back.

Alan White, director of N Brown

It said sales climbed 8 per cent in the 17 weeks to June 29 with demand up 7.8 per cent on the same period last year.

Director Alan White, who was succeeded as chief executive by Angela Spindler on Monday, said women’s wear had done particularly well, helped by the end of the cold snap and a campaign for its Figleaves lingerie fronted by Jelena Ristic, girlfriend of tennis star Novak Djokovic.

White said: “The weather improved and female demand bounced back. We also saw continued strong growth from menswear and footwear and home and gifts products.”

He said customers still faced pressure but the economy was “no longer holding us back”. He hopes for further growth online in the US and with more SimplyBe and Jacamo stores.

23 Jul Shore Capital N/A Buy

Description Div for Period
(pence per share) Ex Dividend Record Date Payment Date
Prelim 8.23 26 June 2013 28 June 2013 26 July 2013

FLASH: Credit Suisse lifts N Brown to outperform from neutral, target raised from 455p to 620p

http://www.stockmarketwire.com/article/4654342/FLASH-Credit-Suisse-lifts-N-Brown-to-outperform-from-neutral-target-raised-from-455p-to-620p.html#sthash.ug6ahf07.dpuf

Well done Bones, if you are in this one.

FTSE 250 movers: N Brown jumps after broker upgrade

Wed, 21 Aug 2013

Internet shopping group N Brown was a high riser today after Credit Suisse raised its rating for the stock from 'neutral' to 'outperform' and lifted its target price from 455p to 620p.

N Brown, whose brands include Simply Be, Jacamo and Figleaves, has seen its stock surge by around 50% so far this year but Credit Suisse still sees more upside given its potential to "transform this traditional credit-driven mail order business into a more competitive and profitable apparel company with scalability overseas".

Brown (N) Group: Citi takes target price from 435p to 525p, while staying with its neutral rating.

Publishes its trading statement Thurs 16 Jan, Shares seems to think another one unlikely to disappoint.

Brown (N.) Group (BWNG) 557.00p +6.10%

Brown (N) Group: UBS lowers target price from 565p to 535p and downgrades from neutral to sell.

Results out May 1st -- unlikely to disappoint.

http://data.beaufortsharedealing.com/broker-views/BWNG/Brown-N-Group-news

Director Deals - Brown (N) Group PLC (BWNG)

BFN

Andrew Higginson, Chairman, bought 415 shares in the company on the 28th April 2014 at a price of 510.50p. The Director now holds 86,514 shares.

Story provided by StockMarketWire.com

Full Year Results for the year ended 1 March 2014

http://www.moneyam.com/action/news/showArticle?id=4802348

N Brown hits record profits and eyes 'more ambitious' future

Thu, 01 May 2014

A strong early performance in the US helped online clothing retailer N Brown post a year of record profits, with new Chief Executive Angela Spindler confident of reaching double-digit sales growth in 2016.

The FTSE 250 company, which specialises in plus-sized and middle-aged fashion, generated a profit before tax and fair value adjustments up 5.3% to £100.1m as sales climbed 6.4% to £834.9m. Adjusted earnings per share declined 1.4% to 27.9p, incorporating a higher tax charge as previously guided by management.

First-half growth of 8% slowed to 4.9% through the second as some sales were foregone due to a tightening of its credit policy and a pausing of expansion in the third quarter in the US.

A lot had been achieved in the year while the group entered a period of transition under Spindler, who was appointed last July.

N Brown is investing in the further development of its multi-channel offer, increasing customer recruitment, revitalising major brands and driving international expansion for future growth and is still planning to step up the pace of change in the business.

Spindler was encouraged by the results of the early changes but alluded to an even "more ambitious future".

She was particularly encouraged by the strong performances from its 'younger' brands, focused on ages 30-plus, primarily driven by Simply Be and Jacamo, which were the biggest drivers of growth in absolute terms as they begun a store roll-out to complement their online strength.

"Going forward the benefits of our strategic initiatives will start to come through as we look to achieve a double-digit rate of sales growth during the financial year ending February 2016," she said.

"I am even more convinced that we have a great platform and you'll see us build on that strong base at an even faster pace as the implementation of our plan gathers momentum."

Follow the update, broker Shore Capital held its 2016 forecasts but downgraded its 2015 forecasts, reflecting the lower base of earnings, an anticipated £1m cost and trading losses associated with a flagship store on Oxford Street in London that is due to open in September, plus around £1m of annual double running costs as management has now chosen to maintain investment in existing websites through the period of the infrastructure improvement programme.

It said this was "still early days" in an "exciting" medium term growth story in light of Spindler's pledge of double-digit growth.

Shares in the company were up 2.9% to 528p at 09:05 on Thursday.

1 May Credit Suisse 620.00 Outperform
1 May N+1 Singer 630.00 Buy

Sunday Telegraph

The Questor column takes a look at retailer of 'clothes targeted at older and fuller-figured shoppers', N Brown.


Results this week were solid but growth in earnings is slowing and pre-tax profits were up just 1 per cent.


The Jacamo and High & Mighty company has a new chief executive, Angela Spindler, previously the managing director of Debenhams and ex-George at Asda.


She wants to beef up the companies US sales, Questor says, and is set to unveiled as many as 16 new stores by the end of this year.


But sales are slowing, first half like-for-like sales increased by 7.8 per cent, but by the second half that had slowed to 4.8 per cent.

The shares have doubled during the past two years but are down 5 per cent this year. Questor says that expected earnings per share of 31p leave the shares looking expensive , trading on 16.6 times earnings. Broker downgrades could come - sell.

Brown N Group: Investec reduces target price from 700p to 550p, while leaving its buy recommendation unchanged.

Interim Management Statement

RNS


RNS Number : 8672J

Brown (N.) Group PLC

18 June 2014






18 June 2014

N Brown Group plc



Interim Management Statement for the 15 Weeks to 14 June 2014



Fashion that fits



N Brown Group, the online, catalogue and stores retailer, today announces a quarterly trading update for the 15 weeks to 14 June 2014.



Highlights:



· Total group revenues were up 2.6%, including like-for-like growth of 2.5%. This is in line with our plan for the quarter.

o Performance of Simply Be and Jacamo up 6% and 10% respectively.

o Store like-for-like sales were strong at +20%.

o The "Famous Five" Home categories were up 10% year on year.

o Demand in the USA was up 15%.



· Strategic transitional period

o Reduced participation of non-core home and electrical ranges.

o Re-phasing of marketing spend to an in-season model

o Short-term impact on sales - the last six weeks of the quarter have significantly increased (high single digits).



· Online penetration is at 58% - fuelled by further service improvements.



· UK and Turkey-sourced Fast Fashion launched for Simply Be for the first time.



· TV favourite Lorraine Kelly announced as brand ambassador for JD Williams.



· Seven further Simply Be/Jacamo dual branded stores opening, creating a total of 240 jobs in Belfast, Birmingham, Cardiff, Edinburgh, Norwich and Exeter and our Oxford Street store, which opens in September.





Angela Spindler, Chief Executive, commented:

"We are in a period of transition to move us toward our mission to be 'the leading Global retailer famous for making shopping for fashion easy and enjoyable regardless of size'. We have stepped up the pace of change and we are making progress. We are modernising the business, broadening our appeal and refocusing on our differentiated proposition - fashion that fits. Best of all our customers are already noticing these improvements, as we can see from the performance through the quarter. We have improved the quality of our sales and are on track with our plans for the year as a whole".





TRADING UPDATE



Total group revenues in the period were up 2.6%, including like-for-like growth of 2.5%. This is in line with our plan for the quarter. As a result of re-phasing our marketing investment year-on-year our performance strengthened considerably through the quarter.



Growth over the period was supported by the performance of our younger titles, Simply Be and Jacamo which were up 6% and 10% respectively. Online penetration remains strong at 58%, fuelled by further service improvements, including the recent introduction of Sunday deliveries. Our stores continue to trade well, up 20% on a like-for-like basis and have now annualised on the introduction of Jacamo to the footprint.



We are in the process of contemporising our proposition to broaden our appeal and accelerate our growth potential. This means changing the way we go to market. In the quarter these changes have impacted in 5 key areas:



Stronger Product Mix



The planned shift from high ticket electrical items and ranges which attract disproportionate levels of bad debt and fraud is already improving the quality of our sales. These changes reduced revenue in the quarter in line with previous guidance of a full year impact of £13m and our gross margin and bad debt ratios have improved as predicted. Our strategy is to recover these sales over time via our "Famous Five" Home and Gift categories (Bedding, Home Decor, Family Gifts, Outdoor Living and Homewares) and it is pleasing to report that these areas were up 10% in the quarter. We will start to annualise on the changes from October 2014.



Adjusting the Marketing Programme



During the quarter we have re-phased our marketing spend to enable a shift to "in-season" versus "pre-season" investment as we accelerate our migration to multi-channel processes. As a result marketing spend during the period has changed year-on-year. This has impacted the shape of our sales growth in this transitional year with broadly flat sales across March and April and a higher growth rate for May and June.



Whilst we have reduced spending on Direct Mail in the quarter, we have continued our investment in digital recruitment. As a result, growth in the customer base is healthy - up 3.5% year-on-year.



Modernising JD Williams



Our plans for the changes to the JD Williams offer are well underway. We are moving to a more contemporary model, in terms of product and presentation and at the same time adjusting our marketing to broaden our appeal. We are re-launching mid-life ladies fashion under the JD Williams brand for the Autumn Winter season and are in development on new advertising campaigns, starring our brand ambassador, Lorraine Kelly. In addition to the adjustment to the seasonal phasing of our marketing spend we have also re-phased an element of our JD Williams marketing to the second half to secure strong support for the re-launch. Whilst this has impacted first quarter revenue growth, with JD Williams brand sales down 1% in the quarter, the exit rate from the period was positive.



Customers Responding Positively to Cash Payment Option



Our other key strategic initiative in the quarter was the successful introduction of the cash payment option. This has performed in line with our expectations and has stabilised with 30% of new customers opting to pay by cash. Whilst this has not, as yet, materially influenced the overall rate of recruitment, we do expect to see the step-up in recruitment as we adjust our marketing approach during the second half.



Driving International Expansion



A dedicated International team is now in place to drive our Simply Be business in the USA. In the last month we have launched various on-line marketing initiatives and by the end of June will have launched a credit offer and loyalty scheme to drive customer order values and retention levels. Demand in the quarter was up 15% with accelerated momentum coming from the new activities.



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.



Financial Position



There have been no material events, transactions or changes in the financial position of the Group in the quarter, other than as outlined in this statement.

Broker spotlight, proactive investor -Speaking of retailers lets switch to online, and no, it's not ASOS, but Brown (N) Group (LON:BWNG), which Credit Suisse rates 'outperform'.

It reckons the benefits from the firm's investments will start to materialise and its valuation will move to a 10% premium to retail peers, as the cheapest online retailer offering 22% upside to Credit Suisse's target price of 518p - down from a previous 620p.

Indeed, this is the year of investment, notes the analyst, with internal infrastructure of the business, expansion in the US and a brand refresh in the UK in focus.

He adds: "The stock has fallen around 30% since the early March high of 600p, now trading at 14x 12m FWD PE, particularly low for an e-commerce retailer."

Shares of N Brown have fallen almost 30% this year and now offer good value, Midas said in The Mail on Sunday. Chief Executive Angela Spindler has been in post for a year and has cut the outsize clothing retailer’s number of brands to three. She is also opening more stores because even if shoppers like to buy online they often want to try them in a shop first. Within a few years almost all her target customers will be within a 45-minute drive. She has accelerated N Brown’s move into the US as part of a general injection of life.

Business in US sucks . . . so say some. . . . look at M&S (?), Tesco. er BP (!), and now NBrown - will Execs never learn . . . . just because it's a big country doesn't mean it's easy - it's more like taking Europe as a single place . . . too many GB firms fail in USA . . . so why risk it?
EDIT.(17Sept2014). What I don't understand is ...if this is such a good investment, why has the sp taken a dive during Sept14? Could it be that some don't like the policy of opening more retail outlets? OR are the figures less robust than the Co is saying?
Maybe it because other Retail multiples are suffering downturn, although that is mainly put down to "Internet" - yet it seems odd that most ( All?), Internet Business is offering lower prices, even though some providers still have traditional Retail Outlets to support.
As I understand it, NB is playing it each-way. Mid Sept14 about 385p
EDIT(8April2017)_ sp 212....bottom was 160 - and TV ads stopped -

Sharecast - UBS has raised its rating for retailer N Brown from 'neutral' to 'buy', saying that the business offers "online growth at a high street price".

"N Brown has de-rated significantly in the last few months. With trading expected to improve in the second quarter we think this has been overdone and investors will re-engage with the stock once it prints better like-for-like sales," the bank said.

28 Jul Jefferies... 618.00 Buy

Brown N Group: Investec cuts target from 550p to 520p staying with its buy recommendation.

Trading Update for the 26 Weeks to 30 August 2014

RNS


RNS Number : 7445R

Brown (N.) Group PLC

16 September 2014






16 September 2014

N Brown Group plc



Where Fashion Fits



Trading Update for the 26 Weeks to 30 August 2014



Flagship Oxford Street store opens for Simply Be/Jacamo



N Brown Group, the online, catalogue and stores retailer, today announces a trading update for the 26 weeks to 30th August 2014.



Highlights:

· First half group revenues were down by 0.6%, (-0.5% like-for-like).

o JD Williams brand sales down 3% in the half but new customers up 20% for this season to date.

o Performance of Simply Be and Jacamo fashion ranges were up 4% and 10% respectively.

o Store like-for-like sales were strong at +17%.

o Demand for our product in the USA was up 16%.

o Active customer base increased by 3.7%.

o The quality and profitability of sales has improved.



· Transitional year progressing well.

o Home & Gift sales down 9%, with improved profitability, due to planned reduction in non-core home and electrical ranges.

o Planned phasing adjustments to Simply Be & JD Williams fashion ranges has impacted sales in the half.

o Marketing investment in catalogues was reduced by 24%. This was most significant from July and contributed to sales being down 3.2% in the second quarter. Spend has moved into customer recruitment and has been re-phased to the second half.

o Financial income is down 1.0% in the half due to lower charges.



· With these substantial product, marketing and other activities re-phased to the second half, we remain on track to deliver our year end forecast.

· Online penetration is at 58%, +1.0% year-on-year, fuelled by online recruitment.

· Lorraine Kelly and Kelly Brook appointed brand ambassadors for JD Williams & Simply Be.

· Our latest Simply Be/Jacamo dual branded store opens tomorrow on Oxford Street.

· US Credit offer launched.

· Systems development programme on track, now led by new CIO - Andy Haywood.



Angela Spindler, Chief Executive, commented:

"During the second quarter we have sharply accelerated the pace of our drive to be the global retailer famous for making shopping for fashion easy and enjoyable regardless of size. We have pushed on with our programme of far-reaching change aimed at modernising the way we operate and how we go to market, equipping the business to capitalise on the attractive long-term opportunities we see in our space. The combined effect of changes to our category focus, the planned reduction in credit sales from high risk areas and the reduction and re-phasing of our mailing programme has reduced revenues in the half, however we have improved the quality and profitability of our sales.



"I am pleased with progress so far; the team is implementing the plan effectively, delivering our differentiated offer for customers and continuing N Brown's record of strong financial performance. With a strong activity plan for the second half we are on track to deliver our full year forecast."





TRADING & STRATEGY UPDATE



Our programme of change has gathered pace during the first period as we implement the strategy we laid out in February 2014 to position the Group for long-term growth.



· Re-shaping our marketing programme



We have continued to re-shape the quantum and the timing of our direct mail and other marketing activities. The phasing of our marketing is now more aligned to the way consumers shop. This year's step re-alignment will move us from a 50:50 to a more normal seasonal ratio of 40:60 for Spring/Summer vs. Autumn/Winter.



In addition to these phasing changes, we have significantly reduced the weight of direct mail sent to customers in the quarter and for the half overall. We have shifted spend into new recruitment activities. For instance, since the start of the autumn winter season (from July) mailings to JD Williams customers are down 26% year-on-year, however new customers are up by an encouraging 20%, this will have a positive impact on next seasons revenues.



Despite the impact on recruitment of our new credit rules (see below) our overall active customer base continues to grow strongly, up 3.7% year-on-year.



This is a transitional year in which we are moving further away from a traditional mail order model and the changes we are implementing have had the effect of slowing sales growth in the first half and deferring some of our annual sales into the second half.



· Realigning the product offer



We are making good progress modernising our fashion offer for JD Williams. The new Lorraine Kelly range is working well and attracting customers. We will provide a more detailed update in our interim results statement.



In womenswear our dresses range, Fast Fashion offer and swimwear have all performed strongly. In menswear we have seen good growth, helped by sales of cargo shorts and t-shirts. Sales, year-on-year, have been more challenging in areas like knitwear and outerwear and boots, which are up against tough comparatives, however these are showing signs of recovery.



Overall Home & Gift category sales in the half were down 9% year-on-year - in line with plan. This is as a consequence of our decision to reduce sales from high bad debt risk, low margin, categories (eg. electrical sales were down 25% for the half). Home & Gift was also impacted by the reduction in our mailing programme, with investment deferred into the second half. As a result of these changes we have seen an improvement in contribution from the Home and Gift category.



These initiatives have significantly improved the quality of our sales whilst reducing like-for-like sales growth in the second quarter by around two percentage points. The £8m impact of the credit policy changes on headline sales growth is in line with guidance given at our Preliminary Results in May. We will begin to annualise on these impacts from the end of this month.



· Evolving the channel mix



We continue to improve our customers' experience online, in stores and through our contact centres. Online remains our key channel and participation grew again to just over 58% in the quarter. Traffic from mobile devices and tablets continues to grow and now accounts for 48% of the total (up from 35% last year) and 36.5% of demand (up from 26%). We launched a number of systems enhancements in the quarter to further improve our mobile optimisation ahead of Christmas trading.



Our stores channel continues to perform well, delivering like-for-like growth of 17% for the half. Our new store in Belfast opened in August and delivered record opening sales. Tomorrow we open our flagship store on Oxford Street. The store is the most size-inclusive store in town and benefits from the latest developments in in-store technology driving ease of shop, speed of service and choice. Following the Oxford Street opening we will open a further three stores before Christmas, taking the total to 14 stores as we exit the calendar year.



· Launching our brand ambassadors



In July, we launched Lorraine Kelly as our Brand Ambassador for JD Williams. Sales of her endorsed range were strong and she features in the TV advert on air from 5th September, our association with her has attracted a good deal of positive PR coverage.



In August, we announced that Kelly Brook will be the new Brand Ambassador for Simply Be. Kelly's collection will feature in our Autumn range launched in September. She will also star in our Autumn Simply Be TV campaign.



· Cash Payment option for customers



We have improved the flexibility of our proposition by introducing the option for new customers to pay by debit or credit card. This has resulted in an increased level of cash-based payments which is both in line with our expectations and stable at around 32% of new account set-ups, accounting for around 30% of accepted demand from new customers. In addition, order rates for cash customers are running just five percentage points lower than non-rolling account holders. Across our core brands, cash accounts for 5% of overall demand.



Through the first and second quarter we have seen a marked reduction in the number of customers in arrears. As expected, the financial income has reduced and is down 1.0% year-on-year due to a reduction in administration charges.



· Transforming our systems infrastructure



Our systems infrastructure project, which is a key enabler for our business transformation, is on track and is now being led by Andy Haywood, our new CIO who has joined us from the Co-op and has significant experience in successfully delivering business transformation programmes in Asda, HBOS and Boots. The major activity in the quarter has been the completion of high level design across the functions and processes in the business. We are now moving into the implementation phase for our first main release.



· Outlook



This is a transitional year for the business. Two weeks into September we remain on track to deliver our full year forecast. The adjustment to the profile of our marketing investment impacts from October and is designed to underpin peak seasonal trading up to the end of the calendar year. This, coupled with weaker comparatives, underpins our confidence in achieving the full year outturn. We will update on this at the interim results.



N Brown Group plc will be announcing Interim Results to the 30th August 2014 on the 9th October 2014.

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16 Sep Investec 520.00 Buy
16 Sep N+1 Singer 585.00 Buy

Interim Results

http://www.moneyam.com/action/news/showArticle?id=4900943

IMS for the 13 weeks to 29 November 2014

RNS


RNS Number : 3397Z

Brown (N.) Group PLC

10 December 2014






10 December 2014

N Brown Group Plc



Where Fashion Fits



Interim Management Statement for the 13 weeks to 29 November 2014



N Brown Group Plc, the online, catalogue and stores retailer today announces a trading update for the 13 weeks to 29 November 2014.



At the announcement of our interim results on 9 October 2014, we advised that we had been adversely affected by unseasonably mild temperatures in September and early October which resulted in a weak start to the second half and a revision to our expectations for the year.



We are pleased to report that trading performance has improved since September as the changes we are implementing within the business take effect, with the group reporting revenue growth in both October and November.



In the following link to a graph showing revenue for the period, we show that impact of the mild weather in September resulted in a turnover decline of -10.8%. We returned to growth in October with an increase of +1.5%, which continued in November with growth of +3.0%. Overall, turnover for the third quarter declined by -2.3% with year to date down -1.2%.



http://www.rns-pdf.londonstockexchange.com/rns/3397Z_-2014-12-10.pdf



We have continued with our programme of changes to move the business further away from the traditional mail order model towards our objective of being a multi-channel, fashion led retailer.



At the end of the quarter our active customer file, being those customers who have ordered in the previous twelve months, has grown by 2% year on year.



Following the re-launch of the JD Williams brand we experienced a 30% increase in new customers recruited to the brand in the quarter versus this period last year.



During the quarter we have also delivered more improvements to our online platform to enhance the customer experience. We have continued to see growth in our online business with online sales penetration now at 60% of total sales.



We opened our Simply Be and Jacamo Oxford Street store in September followed by further store openings in Merry Hill, Norwich and Edinburgh during October and November. During this quarter our Simply Be and Jacamo stores have posted overall sales growth of 78%.



We are delivering steady growth in the USA with product demand up 10% for the quarter. Recruitment investment has been contained whilst we develop and drive the benefits of introducing a credit & loyalty scheme to underpin future profitability. Since we introduced the scheme in late July, 20% of demand is now coming from account holders and second order rates across the customer file are up 36% since the launch.



Gross margin for the quarter is in line with our expectations driven by a focus on providing competitive value for our customers. We expect the trading environment to remain extremely competitive from here to our year end and therefore, despite progress made during the quarter our guidance for the year remains unchanged.



Angela Spindler, Chief Executive commented:



"We are pleased with the strength in our customer activity levels and sales during November. We have seen an excellent response from both existing and new customers to planned higher profile brand activity on our JD Williams, Simply Be and Jacamo power brands.



"We are continuing with our strategic plan to simplify and modernise the business. We have a clearly differentiated proposition and the longer range market projections for online growth and changing demographics are in our favour. These underpin confidence in our mission 'to be the leading global retailer famous for making shopping for fashion easy and enjoyable regardless of size'."



-Ends-
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10 Dec Credit Suisse 330.00 Neutral
10 Dec N+1 Singer 390.00 Buy
10 Dec Cantor... 320.00 Hold

BWNG Brown (N) Group on the verge/ technical breakout from a downtrend going back to March. Last Trading Statement good, one to WATCH for confirmation.

Looks good - hopefully that gap is firmly closed.

Yep moving up nicely today. Need end of day confirmation but ive jumped in and bought it.

Q4 trading update


Financial highlights:

· Q4 sales +3.6%* as trading momentum recovers well from a challenging Autumn season

· Full year sales flat year-on-year, with Financial Services revenue representing a headwind, driven by measures to further improve the quality of our debtor book

· Full year percentage gross margin in line with expectations. Within this, product gross margin was impacted by both tactical and strategic price investments in Q4

· Full year 14/15 continuing PBT now expected to be slightly below the range previously guided to, and current market consensus of £88m



Strategic highlights:

· Further acceleration in online sales penetration - 62% in Q4, up from 59% last year

· Power brands JD Williams, Simply Be and Jacamo performing strongly, with active customer file growth of 5%

· Q4 product volume growth +11% driven by further product improvements and price investment - the first time product volumes have seen double-digit increases for many years

· Lowest level of customer debt arrears on record as we continue to successfully focus on the quality of our debtor book

Company News

N Brown issues 'slight' profit warning after tactical investing in price and product

Wed, 11 March 2015


N Brown has warned of a lower-than-expected product gross margin percentage for the full year, the retailer's second profit warning in six months.
The FTSE 250-listed company cited substantial price investments in the fourth quarter as the reason for this decline.

Fourth quarter revenue was also impacted by the company's transition from financial services to product sales, so came in flat year-on-year, despite fourth-quarter sales growth improving to 3.6%, including 11% volume growth.

Chief executive Angela Spindler was encouraged by the momentum seen during the fourth quarter in terms of trading and strategic progress and said the company had taken "the right decisions now" and sacrificed short-term profit in order to build a "better business".

Continued product improvements was accompanied by further investments in cutting prices, which proved successful in terms of product volumes returning to double-digit positive growth for the first time in many years.

"We have also accelerated our strategic transformation programme and commenced a major extension of our warehouse to support our future growth. The transformation we are driving is fundamental and necessary for future long-term sustainable growth," she said.

"Whilst we are disappointed by the slower than anticipated progress from a profit perspective, this is because we are taking the right decisions now - in some areas earlier than anticipated by our previous profit guidance - in order to build a better business for an online world."

House broker Shore Capital explained in their words that the profit shortfall reflected 'tactical' product gross margin reduction to drive stock clearance activity, which has left the group with a clean year stock position, while further product gross margin was invested in more 'strategic' initiatives, the success of which will see a follow-through into future years at the expense of further gross margin.

FULL YEAR RESULTS
RNS
RNS Number : 6190L
Brown (N.) Group PLC
29 April 2015



29 April 2015

N Brown Group Plc



FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 28 FEBRUARY 2015



STRATEGY IMPLEMENTATION PROGRESSING WELL;

CONFIDENCE IN THE FUTURE



Full year results from continuing operations:



· Total group revenue flat at £818.0m (FY14: £818.9m)

· Operating profit excluding exceptionals -11.9% to £93.8m (FY14: £106.5m)

· Statutory operating profit £81.2m (FY14: £106.5m)

· Profit before tax (excluding exceptionals and FX movement) -13.4% to £86.2m (FY14: £99.6m)

· Statutory Profit before tax -21.2% to £76.3m (FY14: £96.8m)

· Adjusted earnings per share from continuing operations 20.49p (FY14: 27.74p)

· Statutory earnings per share from continuing operations 21.23p (FY14: 26.95p)

· Final dividend flat year on year at 8.56p, taking full year dividend to 14.23p, also unchanged on last year

· Net debt £246.6m (FY14: £213.7m)

· Guidance for FY15/16 unchanged



Operational highlights:



· Period of significant modernisation of business, adopting a digital-first mindset

· Change programme and weak Autumn trading impacted profit performance

· Encouraging progress on some key forward indicators

o Online sales 59% in FY15 and 62% in Q4

o High level of customer satisfaction

o Active customer base +2.4%

o JD Williams relaunch on track, with double-digit increase in new customer orders



Angela Spindler, Chief Executive, said:



"This last year was an important one for our company. We are comprehensively modernising the business in terms of organisation, capability, infrastructure and processes to adopt a digital-first mindset and to ensure that we are fit for the future of retail. We are improving our product proposition and competitive position by investing in quality and price. We have also re-phased our seasonal product and marketing to better reflect consumer spending patterns and to bring the business into line with a modern clothing retail model.



"Step-changing the way the business operates and goes to market in some key areas proved more disruptive than anticipated and this, combined with a weak Autumn trading period across the sector, led to a profit performance below expectations. We are, however, improving the sustainability of future profit growth and look to the year ahead with confidence."



Andrew Higginson, Chairman, said:



"The scale and pace of change required to modernise the business put a great deal of strain on our performance in a difficult year for the clothing sector. The fall in profits was nevertheless a disappointment. However, we laid important foundations for profit recovery and long-term growth. We have now bedded in many of these changes and this year will see us push on with executing our strategy.



"The Board remains confident in the outlook for the business, and we believe that we have the right strategy in place to drive sustainable profitable growth. I would like to thank all stakeholders in the business, and in particular the staff, for all of their hard work, passion and dedication throughout the year."





Meeting for analysts and investors:



Management is hosting a presentation for analysts and investors at 10.30am. Please contact nbrown@newgatecomms.com for further information. A live webcast of the presentation will be available at: www.nbrown.co.uk . A presentation will be made available on the website at 10.30am.

Q1 Trading statement

Pity their AGM is in Manchester, - something to consider if yr a busy London-centric investor. . . . . . . sp today is 338p
EDIT ( 11Oct2016) - +10% today, now 200p - this has been a BAD investment.

Half Yearly Report
RNS
RNS Number : 1685C
Brown (N.) Group PLC
14 October 2015

14 October 2015

N BROWN GROUP PLC



HALF YEAR RESULTS FOR THE 26 WEEKS ENDED 29 AUGUST 2015



RESULTS IN LINE WITH EXPECTATIONS;

TRANSFORMATION STRATEGY ON TRACK



N Brown Group Plc, the leading multi-channel, specialist fit fashion retailer today announces results for the half year to 29 August 2015.



Financial highlights:

· Total group revenue +4.2% to £415.8m (H1 FY15: £399.2m)

· Product revenue +6.1% and Financial Services revenue -0.4%

· Operating profit excluding exceptionals -14.2% to £38.8m (H1 FY15: £45.2m)

· Underlying trading profit* before tax -15.9% yoy to £35.0m (H1 FY15: £41.6m), in line with expectations

· Statutory profit before tax -54.6% to £19.4m (H1 FY15: £42.7m), reflecting exceptional costs accrued over the half largely relating to clearance store closures

· Adjusted earnings per share from continuing operations 5.74p (H1 FY15: 11.56p)

· Statutory earnings per share from continuing operations 5.53p (H1 FY15: 11.88p)

· Half year dividend maintained at 5.67p

· Net debt £239.8m (H1 FY15: £205.2m)

· Enhanced disclosure provided today and going forward



*Underlying trading profit before tax is defined as PBT excluding exceptionals and unrealised FX movement



Operational highlights:

· Continued shift from direct mail-led to digital-first, with online penetration of 63%, up 5ppts yoy. Online penetration of new customers up 7ppts to 69%.

· Active customers +2.8% overall; within this Power Brands active customers +8.2%, driven by marketing recruitment and improved brand awareness.

· Further improvements to product quality and fashion credentials.

· JD Williams turnaround on track, with new customers up 21%. Online performance particularly encouraging, with penetration over 50% for the first time, up 8ppts yoy.

· Strong performance from Simply Be and Jacamo, with product revenue for both up 21%.

· Simply Be and Jacamo stores performed well, with LFL +6% and profitability of LFL stores +12%

· Full estate store review completed, with operational improvements made to Simply Be and Jacamo store estate and 18 clearance stores closed.

· Good USA result, with revenue +35% and operating loss significantly reduced.

· Financial Services performance in line with expectations, with continued improvements in the quality of the credit book, and FCA application submitted.

· Fit 4 the Future systems transformation project on track.

21 Oct Jefferies... 430.00 Buy

Nice bounce on this today, up nearly 20% at moment, dividend maintained (>8%) and profit down less than expected. Hopefully now bottomed out, one of my less successful shares and now a long term investment, just another 30% for me to break even, ignoring the dividends received.

Citigroup comment:
"Consensus PBT likely to remain unchanged — On the back of this statement we do not expect FY17E consensus PBT to change significantly. We have a FY17E PBT forecast £79.3m (EPS 22.7p, -9.3% yoy), this assumes FY total sales of +1.9%. We assume FY gross margins -70bp with opex growth of +3%. This drives forecast EBIT growth of -8.9% yoy. Our FY17E PBT forecast of £79.3m (-10.2% yoy.

Neutral rating, TP 180p

We value N Brown on c. 9. 5x EV/EBIT for Feb 2018E in line with its recent average, this equates to c9x PE and a 6% dividend yield in the same forecast year."

Dropped to 160p a while back, but good news ( can't get worse!) and MoS +Broker "Buys" appear to have shifted this to 260p - maybe if the excitement fades and Sales remain level it may be worth topping up; to AvDn ( always risky ).
EDIT(30May2018)-sp £2 DYOR but looking at the graph from 2014 it's been staggering downwards from over £5 . . . despite being a Long-Term "Distance Seller" ( the JD Williams arm)... so the "INTERNET" is hardly any change at all..... yet the Clothing+Household buying Public appear to be going elsewhere.... Management - that's it...like M&S unwilling to see it's THEIR fault!
EDIT(11Oct2018)-Dividend halved ( now ~5% yield), sp lost 20%, now £1.11 - that's a mighty (again) fall!