N Brown sales softer in first quarter
N Brown, the owner of Simply Be, JD Williams and Jacamo, has posted a 2.1% fall in first quarter sales to £165.1 million.
In the 13 weeks to 28 May, a managed decline in revenue from the group’s heritage brands continued, with a drop of 7.2%. In contrast, sales within its strategic brands category, which includes Simply Be, JD Williams and Jacamo, rose by 2.5%.
N Brown said its trading environment has been challenging since the start of its new financial year, with inflation impacting consumer confidence. This has resulted in softer volumes and revenue than anticipated at the start of the year.
Steve Johnson, N Brown chief executive, explained: ” Sales volumes since the start of the financial year have been softer, reflecting various well-documented pressures on consumer confidence, which are showing no signs of abating in the short term. As these pressures persist, we expect the trading environment to remain challenging and will, therefore, continue to take actions to mitigate the effects wherever possible.”
The company said its improved product offering has gone down well with customers and has led to strong sell through rates for JD Williams’ recently launched own brand range, Anise.
N Brown said its full year adjusted EBITDA expectations remain in line with previous guidance.
Johnson added: “The board remains confident in the group’s strategy and achieving its medium-term objective of delivering sustainable profitable growth.”
