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N Brown flags supply chain issues; sees decline in annual underlying earnings
StockMarketWire.com
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Retailer N Brown flagged supply chain issues and forecast full-year underlying core earnings below that of last year owing to the impact of the pandemic.
The company said it expected full-year adjusted earnings before tax, depreciation and amortisation of £84 million to £86 million, down from £106 million a year ago.
'As with a number of other retailers, we are currently experiencing delays of two to three weeks for many of our stock deliveries, given global container issues, as well as cost pressure in the supply chain,' the company said.
The company said trends had improved since the slump in Q1 as the decline in revenue moderated in Q3.
Product revenue had continued to recover, with third quarter revenue down 8.8% compared with a loss of 13.4% and 21.9% in the prior two quarters.
The company said it sees year-end net debt to be in the range of £285 million to £305 million, down from £497.2 million at the end of fiscal 2020.
At 8:44am: (LON:BWNG) Brown N Group PLC share price was 0p at 57.3p
Story provided by StockMarketWire.com
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