22nd Apr 2016 10:50
LONDON (Alliance News) - N Brown PLC said Chief Executive Officer Angela Spindler bought shares in the online and catalogue fashion retailer in the wake of issuing a profit warning.
Spindler bought 18,000 shares at a price of 270.9 pence per share on Friday, taking her shareholding to 93,295 shares.
On Wednesday, N Brown reported a fall in profit in its recently-ended financial year due to exceptional costs it booked, but revenue was boosted by a continued strong performance from its three 'power brands'.
N Brown said its pretax profit in the year ended February 27 fell to GBP72.2 million from GBP78.3 million the year before due to GBP17.2 million in exceptional costs it booked in the first half of the year relating to the closure of its clearance stores, reorganisation costs and VAT-related legal and professional fees.
"Looking forward, whilst we face challenging market conditions for the fashion sector overall, and trading since the year end has been subdued, we remain confident in our ability to make further progress this year," Spindler had said Wednesday.
The stock was down 0.2% at 269.50p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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