N Brown full year product revenue increases by 9%
N Brown Group has seen product revenue from strategic brands grow by 9% on the previous year in the 52 weeks to 26 February. Its total number of active customers was also grew, rising by 3% to 2.9 million.
In a trading update, the parent company of the JD Williams, Simply Be and Jacamo brands, said it expects to report all financial metrics in line with guidance given on 20 January 2022, which included an adjusted EBITDA of between £93 million and £96 million for the year.
Steve Johnson, N Brown chief executive, said: “I am pleased with the progress which we continue to make and despite the volatile backdrop our expected full year numbers remain in line with previous guidance. It’s encouraging to see full year customer numbers return to growth and to be closing the year with a strong balance sheet.”
Looking ahead to the outcome of the new financial year, N Brown said retail customer demand is normalising as the UK exits Covid-19 pandemic restrictions, with clothing driving demand and customers making a return to buying dresses and formalwear.
As a result of the the UK’s fast-moving inflationary environment, the group currently anticipates that adjusted EBITDA for FY23 will be similar to the level reported in FY21, before growing again as the macroeconomic headwinds recede and the group’s strategy is executed.
Johnson added: “We enter the new financial year with continued confidence in our proposition. We are not immune to the supply chain and inflationary cost pressures being seen across the wider market, however, we continue to take proactive actions to offset these and mitigate the impact on our FY23 performance.”
