N Brown shares drop after trading update

AIM-listed retailer N Brown (LON:BWNG) saw its share price plunge 15.42% to 62.76p (as of 15:15 GMT) as sales continued to suffer during the eighteen weeks ended 2nd January. Group revenues for the quarter were down by 8.8%, partially recovering from the shock of COVID.

CEO Steve Johnson commented: “We continue to move through the acceleration phase of our strategy; simplifying and strengthening our core brand proposition whilst improving our digital capabilities. This is generating continued momentum within the business, despite the difficult macroeconomic backdrop. We saw a continued recovery in product sales over the key Christmas period with particular strength in our Home & Gift proposition.

“We were pleased to recently complete our successful capital raise, which will help us continue the acceleration phase of our strategy and create a sustainable business delivering profitable growth over the long term. We remain mindful of the ongoing uncertainty in the UK retail environment, but as a digital business, we look forward to building on the unique strength of the Group’s brands in 2021 and beyond“.