Brown (N.) Group PLC Trading Statement (7592C)
June 15 2023 - 1:00AM
UK Regulatory
TIDMBWNG
RNS Number : 7592C
Brown (N.) Group PLC
15 June 2023
15 June 2023
TRADING UPDATE FOR THE 13 WEEKS TO 3 JUNE 2023
N Brown Group Plc ("N Brown" or the "Group"), a top 10 UK
clothing & footwear digital retailer, today provides an update
on trading for the 13 weeks ended 3 June 2023 ("Q1 FY24").
Highlights
-- Trading in line with the Board's expectations
-- As outlined in FY23 Preliminary results, softer revenue trend
has continued into Q1 FY24, with an improving trend across the
quarter
-- Continued investment in transformational priorities including
moving towards full roll-out of new mobile-first website for
Jacamo, following successful launch of new Simply Be website
-- Strong balance sheet maintained, with total accessible
liquidity of c. GBP118m
-- FY24 guidance remains unchanged
Q1 FY24 Change Q1 FY24 v
Q1 FY23(1)
Product revenue GBP93.6m (11.9)%
----------- -----------------
Strategic brands(2) GBP69.3m (7.8)%
----------- -----------------
Heritage brands(3) GBP24.3m (21.9)%
----------- -----------------
Financial Services
revenue GBP55.1m (6.3)%
----------- -----------------
Group revenue GBP148.7m (9.9)%
----------- -----------------
Revenue
As outlined in our FY23 Preliminary results, the softer product
revenue seen in Q4 FY23 has broadly continued into Q1 FY24,
reflecting poor early Spring weather and low consumer confidence.
The impact of these factors on volumes has been partially offset by
higher average item values, and we saw an improving product revenue
trend across the quarter. Financial Services revenue reflects the
lower FY23 closing debtor book position, as anticipated.
Continued strategic progress
The progress in executing the Group's strategy has continued,
including investment in the new mobile-first website for Jacamo,
which follows the launch of the new website for Simply Be in FY23.
As part of a rebalancing of media investment across the Group
towards driving brand awareness and performance, Jacamo has also
launched a new partnership with LADbible to create engaging video
content and wider campaigns focused on passions and skills, with
every featured look shoppable at Jacamo online.
Strong balance sheet
As at 3 June 2023 the Group had unsecured net cash of GBP30.0m
and total accessible liquidity of GBP118.3m. As announced at our
Preliminary results on 6 June 2023, the Revolving Credit Facility
and overdraft remain undrawn and have been extended to December
2026.
FY24 Outlook
Our expectations for FY24 remain unchanged from those outlined
in our Preliminary results on 6 June 2023.
We remain confident in the strategic direction of the business
and in the benefits of the ongoing investment in our digital
transformation, with a focus on delivering sustainable profitable
growth.
Steve Johnson, Chief Executive, said:
"We have started the year with an elevated focus on the
transformational priorities which will deliver the biggest
benefits, including new mobile-first websites for Jacamo and JD
Williams, and the delivery of our new financial services platform.
We are pleased with the progress we are making including moving
towards the full roll-out to customers of the new Jacamo
website.
As flagged in our FY23 Preliminary results, we expect weak
consumer confidence to continue through FY24 and are therefore
taking a disciplined approach to managing costs and driving margin
improvements whilst we invest in the business for medium-term
growth.
We remain confident in the strategy, and expect to continue to
deliver progress across each of our strategic pillars this
year."
For further information:
N Brown Group
David Fletcher, Head of Investor Relations +44 (0)7876 111242
MHP Communications
James McFarlane / Eleni Menikou / Charles Hirst +44 (0) 20 3128 8789
NBrown@mhpc.com
Shore Capital - Nomad and Broker
Stephane Auton / Daniel Bush / John More
Fiona Conroy (Corporate Broking) +44 (0) 20 7408 4090
About N Brown Group:
N Brown is a top 10 UK clothing & footwear digital retailer,
with a home proposition. Our retail brands include JD Williams,
Simply Be and Jacamo, and our financial services proposition allows
customers to spread the cost of shopping with us. We are
headquartered in Manchester where we design, source and create our
product offer and we employ over 1,700 people across the UK.
1. Q1 FY24 is the 13 weeks to 3 June 2023; Q1 FY23 is the 13 weeks to 28 May 2022.
2. JD Williams, Simply Be and Jacamo.
3. Ambrose Wilson, Home Essentials, Fashion World, Marisota, Oxendales and Premier Man.
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