Full year results to 28th February 2015 saw N Brown Group record sales of £818 million against £818.9 million for 2014 and operating profit fall to £93.8 million from £106.5 million.
This disappointing performance was explained away by Angela Spindler CEO, “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.”
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