N Brown posts increase in half year profit
N Brown, the owner of Simply Be, JD Williams and Jacamo, has reported an increase in half year profit following the success its restructuring programme.
In the six months to 28 August, total group revenue was broadly flat as a 3.3% increase in total product revenue was offset by the decline of 5.7% in financial services revenue. However, adjusted pre-tax profit rose by 7.1% year-on-year to £24.2 million.
Steve Johnson, N Brown chief executive, said: “Over the last six months the consumer environment has been volatile. Nevertheless, momentum has continued throughout the business, with customers responding well to our improved product ranges; particularly across our five strategic brands.
“This is testament to the restructuring work we have done across the group and the investments we are beginning to make to support our refreshed strategy. None of this would be possible without the talent, drive and commitment of our team, who have responded incredibly to the uncertainties we face.”
During the period, the company increased its marketing activity to support new campaigns. This included signing Amanda Holden and Davina McCall as brand ambassadors for JD Williams and Frankie Bridge and Nicki Bamford-Bowes taking on the same roles for Home Essentials.
N Brown said it will continue to focus on its five core brands of Simply Be, Jacamo, JD Williams, Ambrose Wilson and Home Essential as it looks to build clearer brand propositions.
Looking ahead, Johnson said: “We continue to deliver on our plan and are feeling well prepared for peak trading. EBITDA remains in-line with our expectations, and we are looking forward to exciting our customers with our new ranges as we head towards the Christmas peak. However, we do so with the backdrop of continued uncertainty around consumer confidence.”
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