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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 GBP249.2 million. Product revenue is down 9.2% to GBP166.4 million, while Financial Services revenue is down 4.2% to GBP82.8 million. Total revenue in the first nine months of financial 2023 is GBP580.7 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 GBP57.5 million. This would be down from GBP95.0 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%
By Tom Waite, Alliance News editor
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