// N Brown sales slip 7.6% in the 18 weeks to the 31 December as cost of living hits
// However, the group said performance over the period was “solid” and in line with expectations
Simply Be owner N Brown’s sales fell 7.6% in the crucial golden quarter amid the cost-of-living squeeze.
Sales dropped to £249.2 million in the 18 weeks to the 31 December.
Despite a tougher trading environment, it said performance over the period was “solid” and in line with Q2 trends and management expectations.
The group’s product sales slipped 9.2% to £166.4 million for the period.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
N Brown attributed the soft trading to shoppers being more intentional with their spending in the run-up to Christmas, with a greater focus on the value or premium end of its ranges.
Sales for its JD Williams, Simply Be and Jacamo brands fell 5.5% to £120.9 million.
While sales for its heritage brands including Home Essentials and Fashion World plummeted 17.6% to £45.5 million.
Chief executive Steve Johnson said: “We have traded in line with our expectations through a challenging period as customers continue to be more cautious with their discretionary spending in the face of the various, well-documented consumer pressures.
“Although we are cautious about the macroenvironment over the next 12 months, we remain confident in the resilience of our business and in the strategic investments that we are making for the long term.”
The group said it has a strong balance sheet which will be maintained even after it pays the £49.5 million Allianz settlement.
On Monday, the group settled without admission of liability the dispute with Allianz insurance over payment protection insurance (PPI).
Click here to sign up to Retail Gazette‘s free daily email newsletter
