Going is still tough for N Brown

TRADING remains difficult at home shopping group N Brown, which has hit the market with four profits warnings in 18 months.

Chief executive Alan White said sales for the first 10 weeks of its current financial year have been static overall, although clothing and footwear are up by 2%.

However, home sales fell by 5% as the group tightened up its credit offers after growing bad-debt problems.

Underlying profits for the year to 28 February were almost £6m lower, at £49.1m, but fell to £31m after exceptional items. These include a £9m write-down on its TV rental business, Teleview, which is for sale.

White said internet sales are becoming increasingly important to N Brown, and he has high hopes for Express Shopping Channel, a new TV venture with Richard Desmond's Northern & Shell, owner of the Express newspaper group.

The dividend total is maintained at 5.84p.