N Brown records £57.5m loss in 2018/19 due to "exceptional costs"
Online retail business N Brown Group today revealed losses before tax of £57.5m for the year ending 2 March 2019, substantially up from the loss of £16.2m recorded for year before.
The company has attributed “exceptional costs” largely relating to legacy issues for the loss. Group revenue decreased by -0.8% to £914.4m against £922.2m during the previous year. Despite this, adjusted EBITDA increased 7.9% to £128m and its brands saw digital growth of 8.8% for JD Williams, 8.7% for Simply Be and 5.1% for Jacamo.
N Brown CEO, Steve Johnson, said: “We're pleased to have delivered a solid trading performance for the year, driving a 7.9% increase in adjusted EBITDA, as we continue our transformation into a digital retailer. Encouragingly, we saw digital revenue growth across JD Williams, Simply Be and Jacamo, as we improve our customer offer whilst managing the decline of our legacy offline business. We also benefited from improved use of our promotional spend.”
Johnson added that a “refocusing of strategy” was now required, initially focusing on its core UK market, offering customers more choice and flexibility when shopping. “At this stage in the new financial year our overall expectations are unchanged. We look forward to the future with confidence."