{"id":164916,"date":"2021-05-20T09:03:32","date_gmt":"2021-05-20T09:03:32","guid":{"rendered":"https:\/\/www.theindustry.fashion\/n-brown-group-loses-more-than-100m-in-revenue\/"},"modified":"2021-08-06T12:11:30","modified_gmt":"2021-08-06T12:11:30","slug":"n-brown-group-loses-more-than-100m-in-revenue","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/n-brown-group-loses-more-than-100m-in-revenue\/","title":{"rendered":"N Brown Group loses more than \u00a3100m in revenue"},"content":{"rendered":"<p><strong>N Brown Group, owners of <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/simply-be\">Simply Be<\/a> and <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/jacamo\">Jacamo<\/a>, has reported revenues decreased by 13% (\u00a3108.7 million) to \u00a3729 million<\/strong> in the 52 weeks to 27 February 2021, as the impact of the COVID-19 pandemic on the business is revealed.<!--more--><\/p>\n<p><strong>Product revenue declined by 14.4% to \u00a3468 million in the period<\/strong>, whilst financial services revenue decreased 10.4% to \u00a3260 million. Product revenue was 25.7% in Q1 and steadily recovered to be 4.3% in Q4.<\/p>\n<p>The AIM-listed group's pre-tax profits also declined from \u00a331 million to \u00a318.5 million over the same period.<\/p>\n<p>Following the sudden and significant decline at the onset of the pandemic, Product revenue made a steady recovery throughout the period predominantly driven by the performance of the strategic brands which ended the year in growth.<\/p>\n<p>The Group was able to pivot its offer to meet customer demand of Home &amp; Gift products, boosted by the launch of Home Essentials as a standalone website on 1 April 2020 and as a result, the percentage of Home &amp; Gift product revenue increased from 29% in FY20 to 41% in FY21.<\/p>\n<p>Customer returns rates were lower in the year due to a combination of mix into the lower returning Home and Gift products as well as an underlying improvement through the pandemic period.<\/p>\n<p><strong>In June 2020, N Brown Group announced its refreshed strategy to return to sustainable growth by developing stronger brands and product propositions for its customers<\/strong>. The group noted its progress in transformation and have now \"accelerated\" the strategy driven by five growth pillars:<\/p>\n<ol>\n<li>Distinct brands to attract broader ranges of customers<\/li>\n<li>Improved product to drive customer frequency<\/li>\n<li>New Home offering for customers to shop more across categories<\/li>\n<li>Enhanced digital experience to increase customer conversion<\/li>\n<li>Flexible credit to help customers shop<\/li>\n<\/ol>\n<p>Steve Johnson, Chief Executive, said: \"In a year where we have all had to overcome multiple challenges, we have continued our transformation of the Group through a relentless focus on our five strategic brands, improving our product offering and enhancing our digital capabilities, all of which will position us better with our target customers. <strong>Although we remain cautious, we are beginning to see some early signs of progress.<\/strong>\"<\/p>\n<p>\"Our capital raise has enabled us to strengthen our balance sheet and allows us to accelerate our investment into strategic initiatives, particularly our digital platform and brand websites. <strong>Whilst wider consumer dynamics remain uncertain as we emerge from lockdown, we have significantly transformed the shape of the business from where it was at the start of the pandemic.<\/strong> I would like to thank every single one of our colleagues for helping us make those changes at pace, whilst delivering a very high standard of service to our customers through very difficult times.\"<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/?utm_source=website&amp;utm_medium=banner&amp;utm_campaign=insight_button&amp;utm_content=insight_button_0719\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-143048 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Screenshot-2020-05-11-at-18.39.04-2.png\" alt=\"\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>N Brown Group, owners of Simply Be and Jacamo, has reported revenues decreased by 13% (\u00a3108.7 million) to \u00a3729 million in the 52 weeks to 27 February 2021, as the impact of the COVID-19 pandemic on the business is revealed.<\/p>\n","protected":false},"author":49,"featured_media":138551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[11976,14675,11975,13492],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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