N Brown quarterly revenue falls

Manchester-based online fashion and home goods retailer N Brown Group said in a trading update that revenue was down 7.6% in the 18 weeks to December 31 to £249.2 million.

Product revenue was down 9.2% to £166.4 million, while financial services revenue was down 4.2% to £82.8 million.

Total revenue in the first nine months of financial 2023 was £580.7 million, down 5.9%.

N Brown said it expects the fourth quarter to be weaker than the third, based on seasonal patterns and amid a “soft and highly promotional market”.

Full-year adjusted earnings before interest, tax, depreciation and amortisation is expected to be in line with market consensus of £57.5 million. This would be down from £95.0 million in financial 2022.

“We expect the market for UK discretionary consumer goods to be soft in calendar year 2023, particularly in the first half,” N Brown says.

“This, together with the difficult trading environment in FY23, means we will commence FY24 with lower active customers year-on-year.”

By Tom Waite, Alliance News editor

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