Fashion group N Brown, which owns brands including Simply Be, Jacamo and JD Williams, has reported a dip in sales for the full year despite a boost to profits amid ongoing “challenging market conditions”.
N Brown posted adjusted profit before tax of £13.3m for the 52 weeks to March 2, 2024, an £8.4m improvement on last year.
Despite this, adjusted EBITDA for the period was down 12.5% from £54.5m last year to £47.6m during the period.
N Brown said that, despite the dip, the result was “above market expectations”.
Group revenue fell by 9.8% from £666m to £600.9m, which the retailer attributed to “continued challenging market conditions” as well as a focus on driving profitable sales.
N Brown highlighted its “strong strategic and operational progress” during the year and the successful launch of new product lines across its JD Williams, Simply Be and Jacamo brands.
In terms of outlook, the group said it expects a “gradual improvement” in trading throughout the 2025 full financial year and a return to a “moderate” level of growth.
It added that the rate of product revenue decline for the 2024 financial year had “moderated” at the start of FY25, with the first quarter declining by 6%.
JD Williams is also set to follow the group’s other brands by launching a new mobile-first website ahead of the peak season.
N Brown chief executive Steve Johnson said: “We have delivered against our strategic and financial objectives this year. We have kept to our transformation plans, despite the macro-economic backdrop, while 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 while 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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