LONDON (dpa-AFX) - Brown Group (BWNG.L) reported that its first-quarter Group revenue were up 5.6% year-over-year with product revenue increasing 10.2%, driven by strong Ladieswear performance. Financial Services revenue was down 4.9%, as expected, the Group said. The Group noted that, aside from the exceptional cost guidance, its all other fiscal 2018 guidance is unchanged. The Group will be announcing first-half results on 12th October 2017.
Brown Group said it will be closing up to five Simply Be and Jacamo dual-fascia stores. The decision takes into account weak high-street footfall, both current and predicted, together with significant future business rate increases for some stores.
Angela Spindler, CEO, said: 'Ladieswear and Simply Be in particular had a very strong period, with good responses to our Spring/Summer campaigns, leading to further market share gains. As a result of ongoing weak footfall in some locations, and with a clear focus on driving financial returns across all areas of our business, we will be closing up to five loss-making stores. At this early stage in the financial year, trading is on track to meet our expectations.'
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