N Brown Group, the owner of Simply Be, JD Williams and Jacamo, has reported Q3 2023 revenues of 226 million pounds, down 9.3 percent over the same quarter the previous year, while year-to-date revenues of 523 million pounds decreased by 9.9 percent.
The company witnessed an improving product revenue trend in the third quarter with product revenues declining by 9.7 percent versus 10.4 percent and 11.9 percent drop reported in the second and first quarter, respectively.
Despite the apparently disappointing results, the company highlighted stronger trading in categories such as third-party branded womenswear and lingerie, beauty, gaming consoles and its premium own-brand, Anthology.
It added that its full year adjusted EBITDA expectations remain unchanged, with softer revenues offset by further margin discipline. Adjusted net debt is expected to improve when compared to previous guidance and is expected to be under 260 million pounds at the end of FY24, whilst retaining a strong unsecured net cash position.
The firm also said that its digital transformation plans remain on track, with customers benefitting from faster site speeds on its new Jacamo website where the sales conversion rate has increased by around 20% despite lower promotional activity. A new JD Williams website will follow shortly.
CEO Steve Johnson said: “We are pleased with the progress we have made in transforming the business, the resilience built through our strong balance sheet, and that our full year EBITDA expectations are on track.”
He added: “Building on what’s been achieved in the last 12 months, we continue to make progress on our strategic transformation, with the launch of the new Jacamo website another recent milestone. 2024 will be about further improving the customer experience and positioning the business for future growth, with scheduled launches of the new JD Williams website as well as our Product Information Management system, which will ensure our customers have better product descriptions to inform their purchases.”
