HOME shopping firm N Brown today said trading had been subdued after election uncertainty caused customers to curb their spending.
The Manchester-based company, which has catalogues including Simply Be, Marisota and Jacamo, said like-for-like sales slowed to just 0.1% higher in the 18 weeks to July 3, down from the 3.1% seen at the end of April.
"Trading since the general election has been subdued as customers assess the likely impact on their personal situation of the coalition government’s new policies," the company said in a trading update.
N Brown said it had increased its share in women’s clothing and footwear even though sales for the market as a whole for customers aged over 65 and for size 16 plus clothing have fallen.
Shares in the company opened more than 2% lower today.
Seymour Pierce analyst Freddie George described the figures as a "little disappointing" but said he retained his buy recommendation given the company’s potential for overseas growth and additional e-commerce sales in the UK.
He added: "It can stretch the brand to a younger age group and broaden the ranges and it can grow the business through the acquisition of brands such as High and Mighty and Figleaves."
