Retail shopping group N Brown has reported a decline in third quarter sales as shoppers become more ‘intentional’ over spending.
According to its latest trading update for the 18 weeks ended 31 December 2022, total third quarter sales were down 7.6% to £249.2m with product revenue also down 9.2% at £166.4m. Strategic brand sales declined 5.5% to £120.9m.
“Product revenue performed in line with Q2 trends and management expectations, as set out in the interim results published in October 2022. Our customers have been more intentional in their spend during the period, buying what they need or what they love, with a greater focus towards either the value or premium end of our ranges,” the group said.
Steve Johnson, Chief Executive, said: “We have traded in line with our expectations through a challenging period, as customers continue to be more cautious with their discretionary spending in the face of the various, well-documented consumer pressures.
“Although we are cautious about the macro environment over the next 12 months, we remain confident in the resilience of our business and in the strategic investments which we are making for the long term.
“With many returning to festive activities for the first time in three years, we’re proud of the role which we played in helping our customers look and feel amazing during Christmas.”