20th Apr 2016 06:46
LONDON (Alliance News) - N Brown Group PLC on Wednesday reported a fall in profit in its recently-ended financial year due to exceptional costs it booked, but revenue rose boosted by a continued strong performance from its three 'power brands'.
The online and catalogue fashion retailer said its pretax profit in the year ended February 27 fell to GBP72.2 million from GBP78.3 million the year before due to GBP17.2 million in exceptional costs it booked in the first half of the year relating to the closure of its clearance stores, reorganisation costs and VAT-related legal and professional fees.
Revenue, meanwhile, grew to GBP866.2 million from GBP837.2 million, with product revenue up by 4.1% and financial services revenue up by 2.1%. Revenue from its power brands of JD Williams, Simply Be and Jacamo continued to perform well, rising 10% collectively driven by product improvements and marketing campaigns.
N Brown will pay a total dividend of 14.23 pence, which is flat year-on-year.
"Looking forward, whilst we face challenging market conditions for the fashion sector overall, and trading since the year end has been subdued, we remain confident in our ability to make further progress this year," Chief Executive Angela Spindler said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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