LONDON (dpa-AFX) - N Brown Group plc (BWNG.L), an online retailer of clothing and footwear, Thursday reported profit before tax of 0.2 million pounds for the first half compared with loss before tax of 2.8 million pounds in the same period a year ago, primarily helped by lower costs.
Excluding one-time items, adjusted profit before tax was 3 million pounds compared with 0.4 million pounds last year.
Operating profit increased to 6 million pounds from 4.4 million pounds in the prior year, while adjusted operating profit rose to 8.8 million pounds from 7.6 million pounds.
Adjusted earnings before interest, taxes, depreciation, and amortization or adjusted EBITDA grew to 18.8 million pounds from 17.5 million pounds last year.
The company recorded net profit of 0.2 million pounds or 0.04p per share for the 6-months period compared with net loss of 1.5 million pounds or 0.33p per share a year ago.
On an adjusted basis, profit was 2.3 million pounds or 0.61p per share, up from 0.9 million pounds or 0.15p per share last year.
Revenue for the period, however, declined 6.7 percent to 277.2 million pounds from 297 million pounds in the previous year.
As announced earlier, the company does not intend to reintroduce dividend this year, citing difficult economic environment and demands on cash resources.
Looking ahead, N Brown sees its adjusted EBITDA in line with management expectations.
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