Fashion and housewares retailer N Brown posted a 49.4% drop in profits to £ 30.1million in the year ending February 27, 2021.
The Manchester-based company also reported a 13% drop in group revenue to £ 728.8million, with statutory operating profit down 27% to 35.1%.
N Brown, which owns the JD Williams and Jacamo brands, has fought restrictions on retailers from the coronavirus pandemic. She was forced to raise £ 100million in equity to effect strategic changes, such as acquiring new clients in key target segments and eliminating unsecured debt.
The company continued to rationalize its brand, dropping its High & Mighty and House of Bath offerings, while migrating its customers to the Jacamo and Ambrose Wilson brands, respectively. In addition, he launched a new standalone brand, Home Essentials.
N Brown said he was confident of steady growth in the new fiscal year, expecting group revenue to grow by up to 4% and earnings before interest, taxes, depreciation and amortization. drops from £ 86.5million to between £ 93million and £ 100million.
The company said it remains committed to its medium-term goals of 7% product revenue growth per year.
Commenting on the results, N Brown chief executive Steve Johnson said: “While the broader consumer dynamic remains uncertain as we come out of lockdown, we have significantly transformed the shape of the business from what it is. ‘she was at the start of the pandemic. “
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