Retail shopping group N Brown has reported softer demand within its Home division as overall sales dipped.
According to its latest trading update for the 13 weeks ended 28 May 2022, total first quarter sales were down 2.1% to £165.1m with product revenue slightly lower at £106.3m, down 0.6%. However, strategic brand sales were up 2.5% to £75.2m.
“The previously reported softer conditions in the online home market have continued into FY23, and we expect this to continue,” the group said on its Home and Gift division.
Steve Johnson, Chief Executive, said: “Sales volumes since the start of the financial year have been softer, reflecting various well-documented pressures on consumer confidence, which are showing no signs of abating in the short term. As these pressures persist, we expect the trading environment to remain challenging and will, therefore, continue to take actions to mitigate the effects wherever possible.
“Despite this uncertain backdrop, our FY23 Adjusted EBITDA expectations remain in line with previous guidance, as we balance cost control and our variable cost base with investments in our technology, our people and in our strategic brands.
“The Board remains confident in the Group’s strategy and achieving its medium-term objective of delivering sustainable profitable growth.”