Manchester’s N Brown has released its full year results this morning.
The digital retailer saw its group revenue fall 9.8% over the year, to £600.9m, while its Adjusted EBITDA was also down 12.5% to £47.6m – however, this was 5% ahead of market expectations, which were £44.7m
“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,” said Steve Johnson, Chief Executive.
“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.”
The company stated in the report that it was a year of “notable market softness” which was demonstrated by the online purely market declining by 10%.
During the period, the group has launched a mobile-first website for Jacamo and the aforementioned Product Information Management (PIM) system on Simply Be – this means better product descriptions on pages, including detailed information on sizing, fit and fabric. The aim being to lower return rates.
Looking ahead to the net financial year, it plans to launch a new site for JD Williams. Plus it will be investing in a new tech platform for its financial service division and “upweighting” its focus on AI.
N Brown will also be scaling investment in marketing and production by £10m to drive product revenue growth.
