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N Brown profits edge up

N Brown Group has reported a 2.5% rise in adjusted pre-tax profit to £83.6m for the 12 months to 2 March 2019 year on year.

The group posted a 7.9% rise in adjusted EBITDA to £128m. Group revenue increased by 0.8% to £914.4m.

Digital revenue growth improved across its brands, JD Williams (up 8.8%), Simply Be (up 8.7%) and Jacamo (up 5.1%).

N Brown Group announced that it will refocus its customer-centric strategy on the UK market, simplify its brand proposition, and deliver better products to increase the number of customers, purchase frequency and basket size.

It will also aim to “trade smarter with data” to improve operating efficiency and customer targeting.

Chief executive Steve Johnson said: “We’re pleased to have delivered a solid trading performance for the year, driving a 7.9% increase in adjusted EBITDA, as we continue our transformation into a digital retailer.

“We saw digital revenue growth across JD Williams, Simply Be and Jacamo, as we improve our customer offer while managing the decline of our legacy offline business. We also benefited from improved use of our promotional spend, a strong financial services performance and a drive to ensure we are operating as efficiently as possible across the business.

“A refocusing of our strategy on delighting our customers is now required. We will initially focus on our core UK market, simplifying our approach to ensure our brand and product proposition continues to improve and resonate with customers. We will also look to harness data and technology to offer customers more choice and flexibility when shopping with us.

“All of this aims to return N Brown to sustainable profit growth, through a digital, retail-led, customer-centric strategy, and at this stage in the new financial year our overall expectations are unchanged.”

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