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Cost of living crisis slashes profits at Simply Be, JD Williams and Jacamo owner
06.10.2022 - 14:13 / manchestereveningnews.co.uk
Profits have been slashed at the Manchester-headquartered retail group behind Simply Be, JD Williams and Jacamo.
N Brown has reported pre-tax profits of £7.2m for the six months to August 27, down from the £28.4m it achieved during the same period in 2021.
The listed group has also warned the cost of living crisis will also continue to hit its sales over the coming months.
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N Brown confirmed its sales for the six-month period totalled £331.5m, down 4.6 per cent compared to the same time in 2021.
After N Brown updated the markets, the company's share price dropped by more than 17 per cent to its lowest level since May 2020 before rising slightly.
Chief executive Steve Johnson said: "In a difficult period of weakening consumer confidence, we've balanced our objectives between disciplined trading - with a focus on upholding margin - and delivering on our long-term strategy to transform the business.
"Our teams have worked relentlessly to launch Simply Be's new website, and early indicators give us confidence in the wider benefits for all our customers when we roll this out more widely across our other strategic brands.
"We anticipate continued softness in trading over the second half as macroeconomic pressures continue to weigh on consumers, despite government support. We will, therefore, maintain our focus on tightly managing both our costs and margins.
"At the same time, given our ongoing confidence in our strategy and the strength of our balance sheet, we will continue to invest in our digital transformation to deliver sustainable profitable growth."
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