N Brown posts recovery in Q2 revenues
30 Sep 2020
N Brown In the second quarter, group revenues at N Brown declined 13.4 percent, recovering from a 21.9 percent decline in the first quarter. For the first half, the company reported revenue drop of 17.6 percent. Product revenue for the second quarter was down 12 percent and down 20.5 percent in the first half period.
The company said in a statement that product revenue trajectory has continued to improve through the second quarter from the sudden and significant decline experienced in the first quarter as Covid-19 lockdown restrictions were introduced. Apparel sales have continued to recover from mid-March levels and demand for Home & Gift, supported by the launch of its new Home Essentials brand on April 1, continued to be well above the prior year. All womenswear and menswear brands performed better in the second quarter, in particular JD Williams and Jacamo.
Commenting on the trading update, Steve Johnson, Chief Executive, said: “It is encouraging to see a continued improving trend in trading following the sharp decline witnessed upon the initial impact of Covid-19, with trading in-line with expectations. We have accelerated our digital transformation and 92% of our product revenue is now digital.”
In this financial year, the group is confident of offsetting at least 75 percent of the group gross profit decline through operational cost savings.
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