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N Brown has posted a profit-before-tax of £5.3m, up from a loss of £71.1m, for the year ended 2 March 2024.
Despite this increase, the company saw its revenue drop 9.8% down to £600.9m from £677.5m. The company’s product revenue also dropped 10.6% from £433.4m down to £381.2m.
Alongside this, the group’s financial services revenue dropped to £219.7m down from £244.1m.
N Brown stated that its financial progress has provided a strong platform for FY25 growth, supported by a stronger macroeconomic outlook for the next year.
Steve Johnson, chief executive, said: “We have delivered against our strategic and financial objectives this year. We have kept to our transformation plans, despite the macroeconomic backdrop, whilst building resilience through our strong balance sheet, and achieving adjusted EBITDA above market expectations.
“Our customers are now seeing tangible benefits from our transformation, with an enhanced experience being delivered by our new websites and our recently launched Product Information Management system ensuring customers have more detailed product descriptions to inform their purchases.”
He added: “Looking ahead, our strong liquidity position allows for continued investment in our strategy, positioning the business for sustainable growth whilst always improving the customer experience.
“I’d like to thank all our colleagues for their continued hard work in progressing our transformation and for the results achieved this year. We are confident in our strategy and in building a stronger N Brown for all stakeholders.”
