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N Brown Group PLC on Thursday reported lower revenue in the first quarter of financial 2024, ended June 3, as it anticipates lower consumer confidence throughout the financial year. The Manchester-based clothing and footwear digital retailer said quarterly revenue fell 9.9% to £148.7 million from £165.1 million a year prior. Product revenue declined 12% to £93.6 million from £106.3 million. Looking ahead, the company said it expected weaker consumer confidence throughout financial 2024 ending in around March 2025. Chief Executive Officer Steve Johnson said: ‘We have started the year with an elevated focus on the transformational priorities which will deliver the biggest benefits, including new mobile-first websites for Jacamo and JD Williams, and the delivery of our new financial services platform. We are pleased with the progress we are making including moving towards the full roll-out to customers of the new Jacamo website.’ N Brown shares fell 1.7% to 23.84 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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