Retailer N Brown (LON: BWNG) traded slightly better than expected in the third quarter with strong gift and home sales. Costs savings, including lower marketing spend, have partly offset lower profit contribution due to a reduction in revenues. Even so, investors still need to be persuaded that the recovery will accelerate.
N Brown has an older customer base above 50 years old, and they are not buying as much clothing. There was growth in leisurewear and nightwear.
Product revenues were 9% lower year-on-year in the third quarter. That compares with 12% in the previous quarter and 28.8%...
