By Jana Weigand
LONDON--U.K. retailer N. Brown Group (BWNG.LN) Tuesday said both
its chief executive and chairman will leave the company.
Alan White, who has been chief executive of N Brown since 2002,
plans to retire in the second half of 2013. Mr. White, who said he
plans to build a portfolio of non-executive roles, will continue in
his existing role until a new chief executive is settled fully in
the business.
Lord Alliance of Manchester will stand down as chairman after
over 40 years in the role and will be replaced by Andrew Higginson,
the former finance and strategy director at Tesco PLC (TSCO.LN).
Mr. Higginson will join the board as a non-executive director in
July and become Chairman on Sept. 1.
N. Brown Tuesday also updated on recent trading. In the 17 weeks
ended June 30 revenue increased by 2.5%, while like-for-like
revenue growth was 1.9% after excluding sales from stores opened in
the last year.
The company said ladieswear revenue was lower than expected,
primarily due to wet weather, while menswear, footwear, lingerie
and home and leisure product categories have all shown growth. N.
Brown said online revenue growth remains strong, without giving
figures, and now accounts for almost 53% of total sales.
"Neither the prevailing economic backdrop nor the weather
conditions are helpful to our business," said Lord Alliance of
Manchester.
"However our flexible business model allows us to target the
marketing investment and manage our cost base in order to deliver
the best result in any given circumstances. This flexibility,
combined with the focus on our key initiatives and the continuing
strong financial position of the group, underpins and maintains the
board's confidence in the future," he added.
Shares closed Monday at 248.5 pence.
Write to Jana Weigand at jana.weigand@dowjones.com
