BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - N Brown Group Plc (BWNG.L) posted Group revenue of 165.1 million pounds for the 13 weeks ended 28 May 2022, a decline of 2.1% from last year. Product revenue was 106.3 million pounds, down 0.6%. The Group recorded continued growth in strategic brands product revenue, reflecting resilient performance against a prior year period which included lockdown.
Steve Johnson, Chief Executive, said: 'Sales volumes since the start of the financial year have been softer, reflecting various well-documented pressures on consumer confidence, which are showing no signs of abating in the short term. As these pressures persist, we expect the trading environment to remain challenging.'
The Group noted that its earnings expectations for fiscal 2023 remain unchanged from those outlined in Preliminary Results, with adjusted EBITDA expected to remain at a level similar to that reported in fiscal 2021.
The Board remains confident that over the medium term the company's strategy will support the delivery of 7% product revenue growth with a 13% EBITDA margin.
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