N Brown posts 9 percent product revenue growth

N Brown Group Plc said product revenue from the strategic brands increased approximately 9 percent versus the 52 weeks ended February 27, 2021.

Commenting on the trading update, Steve Johnson, N Brown’s chief executive, said: "I am pleased with the progress which we continue to make and despite the volatile backdrop our expected full year numbers remain in line with previous guidance. We enter the new financial year with continued confidence in our proposition"

Total active customers rose 3 percent to 2.9 million. The company added that for FY22, it expects to report all financial metrics in line with the guidance provided at the Q3 update including adjusted EBITDA between 93 million pounds and 96 million pounds.

N Brown said in a release that as a result of the escalating and fast-moving inflationary environment, the company currently anticipates that adjusted EBITDA for FY23 will be similar to the level reported in FY21, before growing again as the macroeconomic headwinds recede and the group's strategy is executed.

The company’s board remains confident in achieving the group's medium-term objective of delivering sustainable profitable growth.