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N Brown Group posts rise in annual profits

Online retailer N Brown Group reported an increase in annual profits as sales rose on the back of a growing trend towards shopping on the web.

Online retailer N Brown Group reported an increase in annual profits as sales rose on the back of a growing trend towards shopping on the web.

Profit before tax for the year to March 2nd rose 2.6% year-on-year to £96.4m while operating profit jumped 3.1% to £102.2m.

Group revenue climbed 6.0% to £784.7m as online sales grew 55% with more than a quarter transactions made using a mobile device. US sales also boosted results, increasing 75% to £8.4m.

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"We have delivered a good set of results for the group, and we have seen positive like-for-like growth in the period since year end," said Chairman Andrew Higginson.

"Sales online have reached 55%, and with over a quarter of these now being transacted on a mobile device, we expect this trend to continue. With our strategy of on-going investment the business remains set to continue to grow in the future."

The company raised its dividend by 5.0% to 13.68p.

Alan White delivered his last set of results as Chief Executive after almost 28 years with the business. Angela Spindler, currently the Chief Executive of The Original Factory Shop, will take over on July 1st.

"It is hard to believe that the business I joined in 1985 with sales of £42m could have delivered these results today," said White.

"I would like to personally thank everyone for their support, enthusiasm and dedication over the years and I offer Angela Spindler and Andrew Higginson my full support and best wishes to continue to realise the potential of the group."

RD

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