FY results are in line with expectations, as better margin performance offset slightly higher costs. ND was slightly better than expected and the pension is in surplus. However, trading in Q1 has been subdued, albeit partly due to phasing of marketing, and margin guidance is worse than the market has been assuming. This is driven by FX (known), aged stock clearance (new) and further price investment (new), which buying gains are not able to mitigate. Notwithstanding progress on strategic changes ....
20 Apr 2016
Margin guidance + soft Q1 means more downgrades (5-10%)
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Margin guidance + soft Q1 means more downgrades (5-10%)
N Brown Group plc (BWNG:LON) | 14.2 0 (-0.5%) | Mkt Cap: 65.7m
- Published:
20 Apr 2016 -
Author:
Matthew McEachran -
Pages:
3
FY results are in line with expectations, as better margin performance offset slightly higher costs. ND was slightly better than expected and the pension is in surplus. However, trading in Q1 has been subdued, albeit partly due to phasing of marketing, and margin guidance is worse than the market has been assuming. This is driven by FX (known), aged stock clearance (new) and further price investment (new), which buying gains are not able to mitigate. Notwithstanding progress on strategic changes ....