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N Brown top brass exit as sales take a hit Tuesday, 3rd July 2012
Image courtesy of Simply Be
N Brown has today revealed that first quarter womenswear sales failed to meet expectations as a result of the adverse weather conditions which dampened sales of summer clothes.
The firm said that its like-for-likes rose 1.9 per cent in the 17 weeks to 30 June.
These results came ahead of the 0.6 per cent growth in the eight weeks to 28 April.
The group has said it expects gross margin to improve throughout the year and remained optimistic about future prospects.
The company also said that Alan White, chief executive, is to retire from his post in the second half of 2013.
Chairman David Alliance is also to retire on 1 September to be replaced by Andrew Higginson, a former executive director of Tesco.
According to analysts at Singer Capital Markets, the exodus of the group’s largest shareholders (White and Alliance hold 45 per cent combined) will spark “immediate speculation about a possible sale of the group”.