N Brown, Manchester fashion firm, swings to profit

Shares of Manchester-based clothing and footwear digital retailer N Brown Group rose as much as 25% after it announced a swing to profit despite revenue falling 9.8% to £600.9 million in the year to March 2, 2024.

N Brown said statutory profit before tax of £5.3 million reflected an improvement of £76.4 million “driven by lower adjusting items.”

Adjusted profit before tax of £13.3 million was an improvement of £8.4 million.

In its outlook, the firm said: “Gradual improvement in trading expected through FY25.”

N Brown’s retail brands include Simply Be, JD Williams and Jacamo. The company employs over 1,700 people.

CEO Steve Johnson said: “We have delivered against our strategic and financial objectives this year. We have kept to our transformation plans, despite the macro-economic backdrop, whilst building resilience through our strong balance sheet, and achieving adjusted EBITDA above market expectations.

“Our customers are now seeing tangible benefits from our transformation, with an enhanced experience being delivered by our new websites and our recently launched Product Information Management system ensuring customers have more detailed product descriptions to inform their purchases.

“Looking ahead, our strong liquidity position allows for continued investment in our strategy, positioning the business for sustainable growth whilst always improving the customer experience.

“I’d like to thank all our colleagues for their continued hard work in progressing our transformation and for the results achieved this year. We are confident in our strategy and in building a stronger N Brown for all stakeholders.”