N Brown blames profit warning on ‘highly promotional market’
N Brown has issued a profit warning following tough trading conditions and declining revenue from its financial services arm.
The fashion retail group said it expects its full-year adjusted profit before tax to be in the range of £70m to £72m, down from previous guidance of £78m to £84.1m.
N Brown group, which includes brands Simply B, Jacamo, Ambrose Wilson and JD Williams, said product revenue was down 4% during the 18 weeks to January 4.
The financial services arm of the business fell to -4.6% during the period due to “lower product revenue” and the impact from previously announced changes to its lending practices.
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