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
Copyright 2023 Alliance News Ltd. All Rights Reserved.