UK retailer N Brown's revenue at $768.2 mn in FY24

Despite the revenue drop, the group achieved an increase in its full year adjusted gross profit margin by 1.5 percentage points, reaching 47.7 per cent. This improvement was driven by a 1.2 percentage point rise in product margin, which benefited from a cleaner year-end stock position, a focus on profitable sales, and reduced freight rates, N Brown Group said in a press release.

The company successfully reduced its full year adjusted operating costs by £15 million. These savings, achieved through volume-related reductions and management actions, more than offset approximately £12 million in inflationary pressures.

N Brown Group reported a statutory profit before tax of £5.3 million, marking a significant improvement of £76.4 million, primarily driven by lower adjusting items. The adjusted profit before tax stood at £13.3 million, an increase of £8.4 million.

“We have delivered against our strategic and financial objectives this year. We have kept to our transformation plans, despite the macro-economic backdrop, whilst building resilience through our strong balance sheet, and achieving adjusted EBITDA above market expectations,” said Steve Johnson, chief executive.

ALCHEMPro News Desk (DP)