N Brown Group, the parent company of Jacamo and Simply Be, has reported a 9.9% drop in group revenues due to low consumer confidence and poor early weather in spring.
In the 13 weeks ended 3 June 2023, sales fell 9.9% to £148.7 million, with product revenues dropping by 11.9% year-on-year to £93.6 million.
The company also saw a 6.3% drop in its financial services year-on-year to £55.1 million.
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Looking forward, the group added that it remains “confident in the strategic direction of the business” and in the benefits of the ongoing investment in its digital transformation, with a focus on “delivering sustainable profitable growth”.
These investments include investment in the new mobile-first website for Jacamo, which follows the launch of the new website for Simply Be in FY23.
“We have started the year with an elevated focus on the transformational priorities which will deliver the biggest benefits, including new mobile-first websites for Jacamo and JD Williams, and the delivery of our new financial services platform,” N Brown Group CEO Steve Johnson said.
“We are pleased with the progress we are making including moving towards the full roll-out to customers of the new Jacamo website. As flagged in our FY23 Preliminary results, we expect weak consumer confidence to continue through FY24 and are therefore taking a disciplined approach to managing costs and driving margin improvements whilst we invest in the business for medium-term growth.”
Johnson added: “We remain confident in the strategy and expect to continue to deliver progress across each of our strategic pillars this year.”
