N Brown falls after poor FY results, bleak outlook

N Brown

06/06/2023 08:44

** Shares of British digital retailer N Brown  BWNG.L  down
as much as 8.7% at 25.1p
    ** Stock among top losers among all London shares 
    ** Co reports 82% fall to 7.5 million pounds ($1.24 million)
in FY adjusted profit before tax, as it continues to battle
inflationary pressures and low consumer confidence
    ** Sees FY product revenue to decline at a slightly improved
rate to that seen in FY23
    ** Co says softer product revenue seen in the last quarter
of FY23, continued into the first quarter of FY24 after a strong
Q1 FY23 and poor start to Spring weather
    ** Says it expects weaker consumer confidence to continue,
as customers tighten their purse strings amid inflationary
pressures
    ** Reports FY group revenue of 677.5 mln stg vs 715 mln stg,
as reported a year ago 
    ** Including session's losses stock up 4% YTD

($1 = 0.8046 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))