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N Brown has revealed its third quarter sales dropped by 7.6% to £249.2m in the 18 weeks to 31 December.
Sales at heritage brands Ambrose Wilson, Home Essentials, Fashion World, Marisota, Oxendales and Premier Man dropped by 17.6%, while strategic brands Simply Be, JD Williams and Jacamo saw a 5.5% decline.
The company said the cost-of-living crisis continued to impact its customers, and that the cold weather pushed outerwear demand later in the season.
Moving forward, it said it expects Q4 to be softer than Q3, in what are typically its quietest months of the year, and predicts FY23 adjusted EBITDA to be in line with market consensus.
Steve Johnson, N Brown chief executive, said: “We have traded in line with our expectations through a challenging period, as customers continue to be more cautious with their discretionary spending in the face of the various, well-documented consumer pressures.
“Although we are cautious about the macro environment over the next 12 months, we remain confident in the resilience of our business and in the strategic investments which we are making for the long term.”
