Retail shopping group posts decline in sales

Retail shopping group N Brown has reported a decline in revenue while Adjusted EBITDA stood above market expectations as well as returning to profit.

According to its full year results for the 52 weeks ended 2 March 2024, total group sales declined 9.8% to £600.9m from £666m in 2023.

Adjusted EBITDA stood at £47.6m, down 12.5% from £54.4m, while pre-tax profit resulted at £5.3m.

N Brown has also announced Executive Leadership team updates with the appointment of Clare Empson as Director of Supply Chain and Natalie Rogers as its new Chief People Officer.

Looking ahead, the group plans to launch a new website for JD Williams ahead of FY25 peak trading as well as investing in new technology platforms and systems for the wider group.

Steve Johnson, Chief Executive, said: “We have delivered against our strategic and financial objectives this year. We have kept to our transformation plans, despite the macro-economic backdrop, whilst building resilience through our strong balance sheet, and achieving adjusted EBITDA above market expectations.

“Our customers are now seeing tangible benefits from our transformation, with an enhanced experience being delivered by our new websites and our recently launched Product Information Management system ensuring customers have more detailed product descriptions to inform their purchases.

“Looking ahead, our strong liquidity position allows for continued investment in our strategy, positioning the business for sustainable growth whilst always improving the customer experience.

“I’d like to thank all our colleagues for their continued hard work in progressing our transformation and for the results achieved this year. We are confident in our strategy and in building a stronger N Brown for all stakeholders.”

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