N Brown Group PLC (AIM:BWNG) shares fell almost 15% on Tuesday morning as the online retailer hinted “weaker confidence” could continue to weigh on performance, resulting in worse results for the current year.
Reporting an 83% fall in pre-tax profit to £7.5mln for the year to 4 March 2023, alongside a 5% decline in revenue to £677.5mln, AIM-listed N Brown hinted problems are set to stay in full-year 2024.
“A high inflationary environment and low consumer confidence” will likely prompt another full-year revenue decline, the company said in an update.
Investors were not convinced by chief executive Steve Johnson’s reassurance that the company “remained adaptable” and “confident in [its] strategy” though, with shares falling 14.7% to 23.5p.