UK's N Brown Group posts revenue of £148.7 mn in Q1 FY24

16 Jun '23

2 min read

Pic: N Brown

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N Brown Group posted a 9.9 per cent YoY drop in group revenue to £148.7 million in Q1 FY23 due to low consumer confidence.
The company's product revenue fell 11.9 per cent to £93.6 million.
The strategic brands segment saw a drop of 7.8 per cent YoY to £69.3 million, while the heritage brands segment was down 21.9 per cent YoY to £24.3 million.

British clothing and footwear digital retailer N Brown Group Plc has reported a 9.9 per cent year-on-year (YoY) dip in group revenue to £148.7 million in the first quarter (Q1) of the fiscal 2024 (FY24). The drop has been attributed to poor early spring weather and dampened consumer confidence, which broadly continued the softer product revenue trend seen in the latter stages of the previous fiscal year.

The company’s saw a 11.9 per cent decrease in product revenue to £93.6 million in Q1 FY24, compared to Q1 FY23. The strategic brands segment, one of the significant drivers of the company's revenue, also reported a downturn, registering £69.3 million, marking a 7.8 per cent fall compared to Q1 FY23. Meanwhile, the heritage brands segment was the most impacted, showing a significant drop of 21.9 per cent YoY to £24.3 million, N Brown Group said in a press release.

As of June 3, 2023, the company reported unsecured net cash of £30 million and total accessible liquidity of £118.3 million.

Steve Johnson, chief executive, said: “We have started the year with an elevated focus on the transformational priorities which will deliver the biggest benefits, including new mobile-first websites for Jacamo and JD Williams, and the delivery of our new financial services platform. We are pleased with the progress we are making including moving towards the full roll-out to customers of the new Jacamo website.

“As flagged in our FY23 Preliminary results, we expect weak consumer confidence to continue through FY24 and are therefore taking a disciplined approach to managing costs and driving margin improvements whilst we invest in the business for medium-term growth.”

Fibre2Fashion News Desk (DP)

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