N Brown has swung to a half year loss blaming challenging market conditions and unseasonable weather.
The JD Williams, Simply Be and Jacamo owner reported a loss before tax of £4.1m for the 26 weeks to 2 September 2023, compared to a profit of £7.2m in the previous half year.
Sales fell 10% to £297m, which it attributed to the challenging market conditions including weather through spring and July to August.
Product revenue was also down 11.2% to £187.5m, which it attributed to the continued softer market dynamics and cautious customer behaviour.
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N Brown chief executive Steve Johnson: “We expected external market conditions to remain soft and for the first half of FY24 to be particularly challenging.
“In response, we acted decisively to adapt to the trading environment and maintain real focus and discipline in areas which we can directly control, remaining on track to deliver full year adjusted EBITDA in line with the Board’s expectations.
“Alongside this, we’re pleased with the delivery of our strategy as we position the business for medium-term growth.
“Our investment across JD Williams, Simply Be and Jacamo has led to new commercial partnerships and technology upgrades to drive performance.
“We have a clear set of transformational priorities in train and expect to continue to deliver further progress during the second half of the year.
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