Home shopping group N Brown returns to profit in first half of year
N Brown Group, the Manchester-based home shopping retailer, said it has returned to growth and profitability in its interim results to the end of August 2024 revealed to the stock market this morning (10 October 2024).
Despite a £20m drop in top line revenues from £297m to £277.2m the group made profits before tax of £0.2m, up from a loss of £2.8m in the first half of last year.
The company has also successfully launched a new mobile-first website for its JD Williams brand, completing the transitioning of our three strategic brands to the new platform, which it describes as “a key transformational priority” as well as a new Product Information Management (‘PIM’) system and a Financial Services (‘FS’) transformation programme.
The business is also looking to “refine” its brands, including the “Simply Be” proposition.
Simply Be’s latest campaign ‘Find That Feeling’ showcases a diverse cast of women, and has been used on mobile streaming services and terrestrial TV.
Jacamo, the brand’s partnership with LADbible continues to focus on connecting with customers through their unique interests and shopping habits.
The heritage portfolio continued to focus on stabilising its customer file.
Steve Johnson, Interim Executive Chair & Chief Executive, said: “We have built on our return to profit in FY24 by delivering year-on-year progression in the first half of FY25. Our focus on maximising profitable sales and managing the cost base in a soft trading environment, has ensured we remain on track to achieve management’s full year adjusted EBITDA expectations and we are encouraged by trading at the start of Q3.
“We have continued to deliver against our self-funded transformational priorities, including the successful launch of the new JD Williams website and our Product Information Management system to the remaining strategic brands, whilst our financial services transformation continues to progress well with the new platform now in testing. These developments will enhance the customer experience and will be supported by strengthened marketing activity to help position the business for sustainable profitable growth.”