N Brown Q3 revenues drop
N Brown plc reported third quarter revenue of 249.2 million pounds, down 7.6 percent in line with Q2 trends and management expectations, reflecting a soft and highly promotional market.
Commenting on the trading performance, Steve Johnson, the company’s 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.”
With peak season behind, the company expects the fourth quarter to be softer than Q3, in what are typically its quietest months of the year. Against this retail backdrop and assuming a continuation of the trends seen in financial services revenue and margin, N Brown expects FY23 Adjusted EBITDA to be in line with market consensus of 57.5 million pounds as at January 11, 2023.
The company said that it expects the market for UK discretionary consumer goods to be soft in calendar year 2023, particularly in the first half. This, together with the difficult trading environment in FY23, means the company’s FY24 will commence with lower active customers year-on-year.