N Brown cuts prices to boost revenues
Catalogue and online shopping group N Brown today warned that aggressive promotional discounting had cut into profit margins but sales remained buoyant.
The group, which also owns Figleaves and High & Mighty, said price-cutting was necessary to help drive revenue - which increased 1.6 per cent on a like-for-like basis in the 18 weeks to July 2.
The push to pull in customers, which N Brown said was in line with the rest of the sector, saw gross margins dip by 0.2 per cent in the period, but total group revenue was up 5.1 per cent.
The retail sector has suffered in recent weeks as consumers rein in their spending as the cost of living soars and wage growth remains muted.