- Prachi Singh
N Brown Group plc said that trading has improved from the sudden and significant decline experienced in March with product sales down 25 percent in the last six weeks. The company said in a statement that it has seen significant growth in home & gift categories, up 74 percent, but continued weakness in apparel sales, down 48 percent and within apparel, offline sales declined significantly more than digital sales.
Commenting on the business update, Steve Johnson, N Brown’s CEO, said: “In what remains a very uncertain environment, we have been balancing our number one priority of looking after our colleagues, with a commitment to continue serving our loyal customers, whilst ensuring the business has the resilience to navigate the various challenges we are facing. We are pleased to have secured support from both our banking partners and the Government’s loan scheme, which help to strengthen our financial position and gives us the flexibility and certainty to manage through this challenging period.”
N Brown added that it has financing facilities in place, comprising an up to 500 million pounds securitisation facility; a revolving credit facility (RCF) of 125 million pounds; and an overdraft facility of 27.5 million pounds. The group has also announced a new up to 50 million pounds, 3-year Term Loan facility, provided by our lenders under the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS).