N Brown has seen revenues drop after challenging market conditions and unseasonable weather hampered sales.
The Jacamo and Simply Be owner saw sales drop by 10.4% to £297m for the 26 weeks ending September 2, 2023.
Adjusted EBITDA dropped by 37% to £17.5m, while adjusted profit before tax was almost wiped out, dropping from £4.3m to £0.1m.
Despite a tough trading period, the fashion group said it remained on track to deliver its full-year adjusted EBITDA in line with expectations.
N Brown chief executive Steve Johnson said: “We expected external market conditions to remain soft and for the first half of FY24 to be particularly challenging. In response, we acted decisively to adapt to the trading environment and maintain real focus and discipline in areas that we can directly control, remaining on track to deliver full-year adjusted EBITDA in line with the board’s expectations.
“Alongside this, we’re pleased with the delivery of our strategy as we position the business for medium-term growth. Our investment across JD Williams, Simply Be and Jacamo has led to new commercial partnerships and technology upgrades to drive performance.
“We have a clear set of transformational priorities in train and expect to continue to deliver further progress during the second half of the year.
“Good work by our teams, including more efficient stock management, has helped generate cash and further improve our liquidity position in the half, providing a solid base for the continued investment in our priorities.”
The retailer said FY24’s year-end adjusted net debt is expected to be better than FY23’s closing position and that it would continue to self-fund any strategic investments.
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