Shares of N Brown Group PLC (LON: BWNG) soared 9% after the fashion group reported stronger than expected sales.
N Brown, which owns Jacamo, JD Williams, Home & Gift, and Simply Be brands, said that product revenue losses stabilised to 20.5% for the first half ending August 29. Revenues also rose to negative 17.6%, up from a negative 22% in the first quarter of the year.
“It is encouraging to see a continued improving trend in trading following the sharp decline witnessed upon the initial impact of Covid-19, with trading in-line with expectations,” N Brown CEO Steve Johnson said.
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“Home & Gift sales in the first half of our financial year have been particularly strong and our fashion brands continue to recover, particularly JD Williams and Jacamo”.
The fashion retailer said that 92% of all sales came through e-commerce.
N Brown share price trades at a 2-week high at 55p. Shares lost over 90% since the beginning of the year.
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