Simply Be's Stock Slumps Due to Bad Weather. In the U.K.
On the U.K. financial front, it's not looking good for the company behind plus-size retail fave Simply Be. But don't worry—reps for the company have a perfectly reasonable excuse for its poor performance.
The FTSE, a company that specializes in index calculation but not part of the stock exchange (co-owners include the London Stock Exchange and the Financial Times), reported that shares for N Brown, the retail company that owns Simply Be and other retailers, fell more than 13 percent on the FTSE, and is set for its biggest daily loss in more than a year after reporting weak results for the first quarter.
Reps for N Brown say the demand for spring and summer clothing slipped due to bad weather and uncertainty over Brexit influenced consumer spending. (FYI, Brexit or "British exit" is in reference to the chances that Britain will withdraw from the European Union this year.)
"There's a slight downturn in consumer confidence, particularly for older customers and I think that's connected to uncertainty associated with Brexit," says Angela Spindler, CEO, N Brown. "People aren't in a mood for spring/summer shopping until the weather starts to improve."
Bad weather in the U.K. is a surprise to N Brown? It's understandable if this company was based in, say, San Diego, where the weather is nice all year round. But it's shocking that a company would use this as an excuse, and not have a game plan to boost sales during inclement weather.
Stockowners of N Brown are probably ending their day honoring 420 (it IS an international holiday, right?), hoping for sunnier days and better sales at Simply Be.