Profits have been slashed at the Manchester-headquartered retail group behind Simply Be, JD Williams and Jacamo. N Brown has reported pre-tax profits of £7.2m for the six months to August 27, down from the £28.4m it achieved during the same period in 2021.
The listed group has also warned the cost of living crisis will also continue to hit its sales over the coming months. READ MORE: Click here to sign up to the BusinessLive North West newsletter N Brown confirmed its sales for the six-month period totalled £331.5m, down 4.6 per cent compared to the same time in 2021.
After N Brown updated the markets, the company's share price dropped by more than 17 per cent to its lowest level since May 2020 before rising slightly.
Chief executive Steve Johnson said: "In a difficult period of weakening consumer confidence, we've balanced our objectives between disciplined trading - with a focus on upholding margin - and delivering on our long-term strategy to transform the business. "Our teams have worked relentlessly to launch Simply Be's new website, and early indicators give us confidence in the wider benefits for all our customers when we roll this out more widely across our other strategic brands. "We anticipate continued softness in trading over the second half as macroeconomic pressures continue to weigh on consumers, despite government support.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.