N Brown Group PLC (AIM:BWNG) said sales continued to be soft in the first quarter, although the trend is improving, and reiterated its full-year guidance.
Revenue was reported at £148.7mln in the 13 weeks to 3 June, down 9.9% on the same period last year, a statement said.
However, product revenue trends improved throughout the reporting period, the owner of brands such as Jacamo noted.
"We have started the year with an elevated focus on the transformational priorities which will deliver the biggest benefits, including new mobile-first websites for Jacamo and JD Williams, and the delivery of our new financial services platform,” said chief executive Steve Johnson.
Guidance for the year remains unchanged, with sales declining at a slightly improved rate from the 8.4% experienced last year and with consumer confidence expected to remain weak.
N Brown said as of 3 June it had £30mln of unsecured net cash and total accessible liquidity of £118.3mln.
“We expect weak consumer confidence to continue through the fiscal year 2024 and are therefore taking a disciplined approach to managing costs and driving margin improvements whilst we invest in the business for medium-term growth,” Johnson added.