N Brown returns to profit amid strong H1 results
Fashion retailer N Brown has returned to profit after reporting an 151.9% increase in statutory operating profit to ยฃ14.7m, up from a negative of ยฃ28m compared with the same period last year.
N Brown, which owns Simply Be, Jacamo, JD Williams and Ambrose Wilson, said it โspent a substantial amount of timeโ working on the future of its brand portfolio and finalising the strategic direction for its brands.ย
However, during the six months to 31 August total revenue slipped to ยฃ432.9m from ยฃ457.8m 12 months earlier, and gross profit decreased by 6.6% to ยฃ231.8m. Despite this, adjusted pre-tax profits increased by 3.9% from ยฃ30.6m to ยฃ31.8m.
Chief executive Steve Johnson said the online retail business made โgood progressโon its new strategy in the first half of its financial year, and added the company would โwork to create sustainable profit growthโ.ย
He added: โThis has been achieved by taking a more targeted approach to marketing and customer recruitment.
โThe retail environment remains heavily promotional, but we are concentrating on continuing to improve our customer proposition and ensuring we operate as efficiently as possible, which has led to an increase of 4% in adjusted EBITDA for the period.โ