N Brown Group, a UK-based digital clothing retailer, saw a 9.8% decrease in revenue to £600.9 million in fiscal 2024, attributed to a challenging market environment and a focus on driving profitable sales. Despite the revenue decline, the company managed to increase its full-year adjusted gross profit margin by 1.5 percentage points to 47.7%, with a 1.2 percentage point rise in product margin due to factors like a cleaner stock position and reduced freight rates.
The company slashed full-year adjusted operating costs by £15 million, primarily through volume-related cuts and management decisions, surpassing £12 million in inflationary pressures.
N Brown Group reported a significant improvement in its statutory profit before tax, reaching £5.3 million due to lower adjusting items. The adjusted profit before tax also increased to £13.3 million. CEO Steve Johnson expressed satisfaction with achieving strategic and financial objectives despite economic challenges, maintaining transformation plans, building resilience with a strong balance sheet, and exceeding market expectations for adjusted EBITDA.
