N Brown Group has reported on the 53 weeks to 4th March 2023 in what has been a challenging year for the business. Revenues fell by 5.3 per cent to £677.5m delivering an adjusted pre-tax profit of £7.5 million which was down from the £43.1m generated for the previous year.
The group had also settled its litigation with Allianz Insurance during the period paying £49.7m in relation to a claim against its JD Williams business. This was recognised as an adjusting item in FY22 and FY23 meaning that N Brown had made a £71.1m statutory loss due for the most part to the settlement.
Steve Johnson, CEO said: “We have remained adaptable to the trading environment which became more challenging during the year, as inflation impacted both our customers and our cost base. Although volumes softened, we maintained a disciplined approach to trading, with a particular focus on upholding margin despite a promotional backdrop.
“We are expecting the weaker consumer confidence to continue weighing on our performance before we see a return to growth and are therefore keeping a tight control of costs. We remain confident in our strategy and are more focused than ever on the transformational priorities which will deliver the biggest benefits, including new websites for Jacamo and JD Williams, and the delivery of our new financial services platform. ”
During the year the business introduced new brands to its offering including Nobody’s Child, Mango, Monsoon and Whistles along with Polo Ralph Lauren and Boss.
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