N Brown Q3 revenues drop 9.3% but guidance remains unchanged

N Brown has revealed that its group revenue dropped 9.3% to £226m for the 18 weeks ended 6 January 2024 compared with the same period last year.

Despite this the company reiterated that its full year adjusted EBITDA remained unchanged.

However, the 9.3% drop continues a trend of revival for the company after its Q1 revenues dropped 11.9% and its Q2 revenues dropped 10.4%.

The retailer’s product revenue for the period was £150.2m a 9.7% drop compared to the same period last year.

As of 6 January 2024, the croup had a total of £66.3m across unsecured net cash and amounts voluntarily undrawn on the securitisation facility. an increase of £30.8m.

Adjusted net debt is anticipated to improve when compared with previous guidance and is expected to be under £260m at the end of FY24.

Steve Johnson, chief executive, said: “We are pleased with the progress we have made in transforming the business, the resilience built through our strong balance sheet, and that our full year EBITDA expectations are on track.

“Building on what’s been achieved in the last 12 months, we continue to make progress on our strategic transformation, with the launch of the new Jacamo website another recent milestone.”

He added: “2024 will be about further improving the customer experience and positioning the business for future growth, with scheduled launches of the new JD Williams website as well as our Product Information Management system, which will ensure our customers have better product descriptions to inform their purchases. Our strong liquidity position provides a solid base for continued investment in our strategic priorities.

“I’d like to thank all our colleagues for their commitment during peak trading, and their continued hard work in progressing our transformation of the business. Change on this scale takes time and energy, but we are confident in our strategy and in building a stronger N Brown for all stakeholders.”