EBITDA fell to £15.8m in the year to March 28, 2009, down from £29.5m the year before, according to accounts filed at Companies House. Sales were flat at £148.8m but heavy markdowns following what it described as a “disappointing” reaction to ranges in the second half of the year led to a gross profit margin drop to 56% from 60% the year before.
Jane Norman finance director and deputy chief executive Ian Findlay said profits “are up on last year and that will continue”. He said the retailer “lost focus” in the second half of 2009 - coinciding with the collapse of backer Baugur and lender Kaupthing - but “the product is getting back to the Jane Norman look”, reflected in its like-for-likes.
Jane Norman breached covenants on a £5.2m loan made with KSF in January 2009. It has since renegotiated its banking facilities with its consortium of 15 banks and financial organisations, which have 80% of the equity. The management have 20%.