N Brown Group PLC - Manchester-based clothing and footwear retailer whose brands include JD Williams, Simply Be and Jacamo - Provides Christmas trading update, saying revenue is down 7.6% on a year before in its financial third quarter, the 18 weeks to December 31, to £249.2 million. Product revenue is down 9.2% to £166.4 million, while Financial Services revenue is down 4.2% to £82.8 million. Total revenue in the first nine months of financial 2023 is £580.7 million, down 5.9% on a year before. N Brown says it expects the fourth quarter to be weaker than the third, based on seasonal patterns and amid a ‘soft and highly promotional market’.
Full-year adjusted earnings before interest, tax, depreciation and amortisation is expected to be in line with market consensus of £57.5 million. This would be down from £95.0 million in financial 2022.
‘We expect the market for UK discretionary consumer goods to be soft in calendar year 2023, particularly in the first half,’ N Brown says. ‘This, together with the difficult trading environment in FY23, means we will commence FY24 with lower active customers year-on-year.’
Current stock price: 26.11 pence, down 2.6% in London on Thursday afternoon
12-month change: down 36%
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