N Brown revenues remain flat for 2022
Revenues have remained largely flat for retailer N Brown group.
The Manchester-based online fashion and homeware retailer behind brands including Jacamo, JD Williams, Simply Be, Ambrose Wilson and Home Essentials, expects full year revenues for 2022 to be 1.7% ahead of the previous year at £614.4m.
This is slightly behind its previous expectations while adjusted EBITDA is expected to be around £93m and £96m, which is also at the lower end of the group’s previously guided range.
The group said this reflected the online market conditions and a slightly “higher level of project spend now being expensed rather than capitalised.”
However, the board said it “remains confident” in delivering sustainable profitable growth in the medium-term.
Reporting Q3 trading for the 18 weeks to 1 January 2022, N Brown saw a 3.3% increase in revenues to £267.6m
Clothing and footwear continued its resurgence into Q3, with growth of 18%, including increased demand for dresses, formalwear and outerwear.
This was offset by a reduction in Home & Gift of 19% which had previously seen high demand driven by lockdown in the previous year.
Total active customers ended the period at 2.91m, up from 2.87m for the same period in the prior year, with Simply Be and Jacamo at record levels.
CEO Steve Johnson said: “The business has performed resiliently over the peak period and our colleagues have worked tirelessly to deliver for customers in challenging circumstances.
“Against the backdrop of Covid uncertainty, a volatile consumer environment and well-documented supply chain issues, the continued growth of our strategic brands has been particularly pleasing, as has a return to growth in active customers.
“We are now seeing more people than ever shopping with Simply Be and Jacamo. JD Williams is also resonating well with customers, particularly on the back of our successful partnerships with Amanda Holden and Davina McCall.
“We have continued to execute on our plan and, looking ahead, will continue our strategic investment to transform the business, supported by a robust balance sheet and a strengthened executive team.”