N Brown trades in line during Q1, product revenues return to growth

Online retailer N Brown said on Thursday that it had traded in line with expectations throughout the first quarter of its 2022 financial year.

N Brown pointed to "good momentum" in product revenue during the quarter, returning to growth with a 4.6% increase to £106.9m, while product revenues grew 15.5% to £86.1m across its five strategic brands of Jacamo, Simply Be, JD Williams, Ambrose Wilson and Home Essentials.

Financial services revenue was 5.9% lower year-on-year at £61.8m and income from its other brands fell 24.6% at £20.8m.

As a result of the decreased quarterly revenues in other channels weighing on the improved performance from N Brown's strategic brands, with overall group revenues up just 0.5% at £168.7m, the London-listed firm opted to keep full-year guidance unchanged.

Chief executive Steve Johnson said: "The strategic transformation initiatives we have enacted over the past two years have now started to deliver product revenue growth, with customers responding well to the new ranges across our core brands.

"Whilst the external environment remains challenging, we have made a good start to the financial year and trading remains in-line with our expectations."

As of 0855 BST, N Brown shares were down 2.51% at 57.52p.