N Brown Group Annual Revenue Falls

N Brown Group Plc (BWNG.L), a British online retailer, on Tuesday reported a decline in pre-tax income for full year, reflecting a decline in revenue, amidst challenging online marketing conditions, final Allianz litigation settlement, and impairment charges.

For the 53-week period to March 4, the Manchester-headquartered firm reported a pre-tax loss of 71.1 million pounds, compared with a profit of 19.2 million pounds of previous year.

On adjusted basis, the company reported profit of at 16.4 million pounds, lower than last year’s 47.9 million pounds.

After tax, it reported a loss of 51.4 million pounds or 11.19 pence per basic share, versus a profit of 16.2 million pounds or 3.53 pence per share of 2022. Excluding items, post-tax income moved down to 15.5 million pounds from 39.2 million pounds a year ago.

Operating loss was at 65.9 million pounds, compared with a profit of 28.2 million pounds of last year.

Adjusted EBITDA fell to 57.3 million pounds from previous year’s 95 million pounds.

Impairment of non-financial assets reported at 53 million pounds, compared with zero impairment of non-financial assets, a year ago.

Impairment losses on customer receivables rose to 122.3 million pounds from last year’s 94.4 million pounds.

Including the Allianz litigation settlement, adjusting items totaled 87.5 million pounds, compared with 28.7 million pounds of 2022.

Group revenue stood at 677.5 million pounds, versus 715.7 million pounds of last fiscal.

Looking ahead, Steve Johnson, Chief Executive, said: “…We are expecting the weaker consumer confidence to continue weighing on our performance before we see a return to growth and are therefore keeping a tight control of costs.”

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