Online retailer N Brown said on Wednesday that full-year adjusted pre-tax profits had grown in the twelve months ended 26 February despite reporting a dip in annual revenues.
N Brown reported adjusted pre-tax profits of £43.1m, up 46.6% year-on-year as revenues grew 10% across its JD Williams, Simply Be, and Jacamo brands.
The London-listed group said adjusted underlying earnings increased by £10.1m to £95.0m and its adjusted EBITDA margin increased by 1.7 points to 13.3%.
N Brown posted the profit and earnings growth even as revenues declined 1.8% to £715.7m pounds due to a 0.6% fall in total product revenues and a 4% drop in financial services revenue.
Total active customers grew for the first time in four years, up 4% to 2.9m
N Brown added that its trading environment had become more challenging since the start of the 2023 trading year, with inflation weighing on consumer confidence and bringing about slightly softer volume and revenue growth than previously forecast.
However, N Brown said it remains confident that its strategy will support the delivery of 7% product revenue growth over the medium-term with a 13% EBITDA margin.
As of 1010 BST, N Brown shares were up 11.83% at 29.52p.
Reporting by Iain Gilbert at Sharecast.com
