LONDON (ShareCast) - N Brown, the home shopping group with brands such as Simply Be and Jacamo, said its full-year guidance remains unchanged after an "encouraging start to the year".
The Manchester-based business said group turnover was up 2.5% in the first quarter ended 29 May, following a 0.1% decline over the full previous financial year.

Product revenue growth of 4.3%, driven by double-digit growth at both Simply Be and Jacamo, helped to offset a 1.9% fall in turnover at its financial services division.

The company said financial services revenues were affected by the change in credit policies from May 2014, as expected.

Chief executive Angela Spindler said N Brown's shift from its 'Support Brands' to 'Power Brands' continued, while the company experienced a "step change" in online sales penetration, up 400 basis points at 62%.

"Our strategy remains on track. During the quarter we continued to streamline our organisation and our processes to embed a digital-first model," she said.

For the full year, the company expects profit before tax to decline, as previously guided, due to planned investments and restructuring "together with the continued shift to a more typical retail phasing", it said.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE