N Brown’s third quarter revenues of 226 million pounds declined by 9.3 percent over the same quarter last year, while year-to-date revenues of 523 million pounds decreased by 9.9 percent.
The company witnessed an improving product revenue trend in the third quarter with product revenues declining by 9.7 percent versus 10.4 percent and 11.9 percent drop reported in the second and first quarter, respectively.
Commenting on the trading results, Steve Johnson, the company’s chief executive, said: “We are pleased with the progress we have made in transforming the business, the resilience built through our strong balance sheet, and that our full year EBITDA expectations are on track.
N Brown said in a release that the trend reflects an improvement in both - clothing & footwear and home businesses in the quarter. Strong performance was seen in categories including third-party branded womenswear and lingerie, beauty, gaming consoles and premium own-brand, Anthology.
Within partnerships, the company added, the launch of Simply Be on Sainsbury’s online clothing platform and selected stores is performing strongly in its first year.
Following the launch of the new Jacamo website, the brand’s sales conversion rate has increased by around 20 percent despite lower promotional activity. In 2024, N Brown plans to roll-out the new JD Williams website and the addition of new technologies such as our product information management (‘PIM’) system, which is expected to reduce returns.
The company expects slightly softer FY24 revenues to be offset by further margin discipline. Adjusted net debt is anticipated to improve when compared to previous guidance and is expected to be under 260 million pounds at the end of FY24, whilst retaining a strong unsecured net cash position.
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