N Brown issues profit warning amid highly promotional market

N Brown Group Plc, for the 18 week period to January 4, 2020 reported digital revenue increase of 2.5 percent driven by strong growth at Simply Be & Ambrose Wilson. The company said in a statement that product revenue declined 4 percent as it continues the managed decline of legacy brands. The company’s 87 percent of product revenue is now digital, an increase of 5ppts. The company added that due to a lower than expected benefit from the IFRS9 non-cash provision estimate, combined with lower financial services revenue and a highly promotional market, it now expects FY20 adjusted profit before tax to be in the range of 70 million pounds to 72 million pounds.