E-commerce retailer N Brown said it had stemmed product revenue losses in the first half of the year to 21.5%, after it experienced a “sudden and significant decline” during lockdown.
The retailer, which accounts for 92% of revenue online, said that apparel sales had continued to recover from mid-March levels and demand for its Home & Gift lines were well above the prior year. It said that all womenswear and menswear brands performed better in the second quarter, in particular JD Williams and Jacamo.
In a statement to investors N Brown said that in order to maximise operating efficiency and strengthen liquidity following the onset of the pandemic, it had achieved material volume and cost efficiency savings across all areas of its cost base.
Chief executive Steve Johnson said: “It is encouraging to see a continued improving trend in trading following the sharp decline witnessed upon the initial impact of Covid-19, with trading in-line with expectations.
“We will continue to implement our refreshed strategy, and particularly mindful of an uncertain UK retail environment, we will continue to focus on cost control, deleveraging and cash generation.”
