Investment: N Brown lifts retail gloom
Thursday 22 October 1998
What's more, sales in the first seven weeks of the second half are 5 per cent ahead of last year. Electrical goods and hardware are up only 3 per cent, but clothing and footwear are ahead by 10 per cent.
The figures reassured jittery investors, lifting the shares 15 per cent to 243p yesterday. Nevertheless, the company is still only worth half its value of six months ago.
It helps that half the goods it sells are sourced abroad in low-cost countries made even cheaper by currency changes, allowing the company to hold its catalogue prices, while margins actually widened. Stock levels have also been cut, reducing the need for discounting unsold lines.
Unlike most of its mail order rivals, N Brown employs no agents and delivers increasingly by courier. Selling its property financial services division for pounds 4m and a pounds 6.8bn VAT refund have boosted the balance sheet, allowing N Brown to pursue its long-term aim of buying Freemans from Sears if the price is right.
Analysts who cut their forecasts for the full year by up to 10 per cent earlier this summer are now holding firm at around
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...