N Brown sales drop by 2.1 percent

N Brown Group Plc , for the 13 weeks ended May 28, 2022 reported revenues of 165.1 million pounds, down 2.1 percent compared to the previous year’s first quarter.

The company said in a release that earnings expectations for FY23 remain unchanged from those outlined in the preliminary results on May 18, 2022, with adjusted EBITDA expected to remain at a level similar to that reported in FY21.

Commenting on the trading update, Steve Johnson, N Brown’s chief executive, said: "Sales volumes since the start of the financial year have been softer, reflecting various well-documented pressures on consumer confidence, which are showing no signs of abating in the short term. As these pressures persist, we expect the trading environment to remain challenging and will, therefore, continue to take actions to mitigate the effects wherever possible.”

The board remains confident that over the medium term the company’s strategy will support the delivery of 7 percent product revenue growth with a 13 percent EBITDA margin.