Annual profits

N Brown’s annual profits cut in half to £ 30million

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%.

Difficult 2020

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.

Constant improvements

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. “

Read more: Hiring surge for retailers as stores prepare to reopen to buy bargain

Ready to start?

Download

Capital Com is an execution-only service provider. The material provided on this website is for informational purposes only and should not be construed as investment advice. Any opinion that may be provided on this page does not constitute a recommendation of Capital Com or its agents. We make no representations or warranties about the accuracy or completeness of the information provided on this page. If you rely on the information on this page, you do so entirely at your own risk.


Source link

Leave a Reply

Your email address will not be published.