Are replacement iPhone's new or refurbished?

My iPhone 5 developed a fault and was replaced in store, the replacement came in a unbranded brown box.
Could anyone tell me if it would have been a new or refurbished phone?
Thanks

Replacement iPhones are not mass manufactured.  They are built by a trained & certified technician.  Every component is new, however, with the possible exception of the camera and the processor, which may be reclaimed parts from previous units.  All components are checked & inspected prior to assembly, and the final assembled product is also quality checked.  This is a higher level of inspection that happens to any mass produced iPhone.
Therefore, replacement iPhones have gone through a higher standard of quality control than a 'new' iPhone.  In some rare cases, you may end up getting a new iPhone from the assembly line, but that's usually only if there are no remanufactured devices available.

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