N Brown records positive Q3 trading results, but revenue slides at Figleaves

N Brown Group has recorded a rise in revenue for the third quarter, but sales declined at Figleaves amid a company change-up.

Group revenue for the 18-week period to January 6 climbed 3.2% while total product revenue grew 2.7%.

Across N Brown’s ‘Power Brands’ – JD Williams, Simply Be and underwear brand Jacamo – product revenue grew 7.3%, with Jacamo sales climbing 4.6%.

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But revenue at the group’s secondary brand’s, including online lingerie retailer Figleaves, fell 8.4%.

N Brown said Figleaves’ revenue was down as expected, with the brand part-way through its turnaround led by its new management team.

“We remain confident in the long-term success of this business,” the company added in a statement.

Figleaves appointed Mirium Lahage as its CEO last spring. She had previously spent her career building profitable global businesses, from TJX to NET-A-PORTER, and more recently sitting on the board at Navabi as chief merchant.

Commenting on today’s trading statement, N Brown CEO Angela Spindler said: “I am pleased with the trading performance during the period, with 2.7% product growth following 5.9% last year. We delivered another record breaking Christmas and I would like to thank our colleagues for working so hard to make this happen.

“Simply Be was our standout brand, up 14.5%. We saw strong progress across our key strategic indicators, with online revenue up 9%, Power Brand revenue up 7.3% and the USA up 22%. The fashion market remains competitive and we invested in promotional activity across our brands and product categories, which successfully delivered market share gains.

“We are confident in achieving our overall profit expectations. These remain unchanged, although we expect the shape of our results to be different than previously anticipated, as reflected in our revised guidance.”

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