UK retailer N Brown's revenue at £677.5 mn in FY23

07 Jun '23

2 min read

Pic: N Brown

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N Brown Group reported a revenue decrease of 5.3 per cent to £677.5 million in FY23, driven by a 6.9 per cent drop in product revenue.
The company's adjusted EBITDA declined 39.7 per cent to £57.3 million, with adjusted profit before tax dropping 82.6 per cent to £7.5 million.
The company reported a statutory loss before tax of £71.1 million.

N Brown Group, a UK-based digital clothing retailer, has reported a decline in revenue by 5.3 per cent in fiscal 2023 (FY23), totalling £677.5 million compared to £715.7 million in FY22. This drop was primarily driven by a significant decline in product revenue, which decreased by 6.9 per cent, amounting to £433.4 million compared to £465.6 million last year.

The company's adjusted EBITDA fell sharply by 39.7 per cent, from £95 million in FY22 to £57.3 million in FY23. Consequently, the adjusted EBITDA margin also decreased by 4.8 percentage points, from 13.3 per cent to 8.5 per cent, the company said in a media release.

N Brown's adjusted profit before tax plummeted by 82.6 per cent, falling from £43.1 million in FY22 to £7.5 million in FY23. Meanwhile, a statutory loss before tax was reported at £71.1 million, contrasting with the previous year's profit before tax of £19.2 million.

The strategic brands of the company also experienced a downturn, declining by 5.3 per cent, while the revenue of heritage brands declined by 15.5 per cent in FY23.

“We have remained adaptable to the trading environment which became more challenging during the year, as inflation impacted both our customers and our cost base. Although volumes softened, we maintained a disciplined approach to trading, with a particular focus on upholding margin despite a promotional backdrop,” said Steve Johnson, chief executive.

Fibre2Fashion News Desk (DP)

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