N Brown Group incurs heavy losses
The parent of JD Williams, Jacamo and Simply Be along with other direct to consumer brands, has posted a statutory loss of £57.5 million for the year in its latest filing for the year to March 2nd. The business had embarked on a programme of digital transformation which saw it close its House of Bath subsidiary and shutter the stores it had opened under its previous management team, leading to the abrupt departure of CEO Angela Spindler.
Adjusted profit before tax was up by 2.5 per cent to £83.6 million and the business says it now processes 80 per cent of its sales online.
Steve Johnson, who is now Group CEO for N Brown Group having previously headed its financial services arm, said: " We're pleased to have delivered a solid trading performance for the year, driving a 7.9 per cent increase in adjusted EBITDA, as we continue our transformation into a digital retailer. Encouragingly we saw digital revenue growth across JD Williams, Simply Be and Jacamo, as we improve our customer offer whilst managing the decline of our legacy offline business. We've 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."