British clothing and footwear digital retailer N Brown Group has reported a revenue of £297 million in the first half of fiscal 2024 (H1 FY24), marking a 10.4 per cent decrease from £331.5 million in the corresponding period of FY23. The product revenue also witnessed a decline, dropping by 11.2 per cent from £211.2 million in H1 FY23 to £187.5 million in H1 FY24.

The company's adjusted EBITDA took a significant hit, falling by 37.3 per cent to £17.5 million in H1 FY24 from £27.9 million in the previous year, causing the adjusted EBITDA margin to decrease by 2.5 percentage points, moving from 8.4 per cent to 5.9 per cent, the company said in a press release.

Furthermore, N Brown Group's adjusted profit before tax saw a reduction of 97.7 per cent, standing at a mere £0.1 million, compared to £4.3 million in H1 FY23. On the statutory front, the group reported a loss before tax of £4.1 million for H1 FY24, as opposed to a profit of £7.2 million in the same period of the previous year.

“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,” said Steve Johnson, Chief Executive.

Fibre2Fashion News Desk (DP)

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