N Brown Group’s revenues for the 18 weeks to January 2nd were 8.8 per cent down for its third quarter. It had worked to restart its home and gifts offering, with these categories now delivering 42 per cent of its product sales. However, it conceded that it is currently experiencing delays of two to three weeks for many of its imported stock deliveries as well as rising costs which may well impact sales.
The business advised that for the remainder of the 2021 financial year, net debt is expected to be in the range of £285m to £305m, down from £497.2m for FY 2019-2020. It says it expects to deliver a 2021 adjusted EBITDA of between £84m and £86m.
CEO Steve Johnson commented: “We continue to move through the acceleration phase of our strategy, simplifying and strengthening our core brand proposition whilst improving our digital capability.
“We remain mindful of the ongoing uncertainty in the UK retail environment, but as a digital business, we look forward to building on the unique strength of the group’s brands in 2021 and beyond.”
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