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online retailer N Brown reported a fall in profit as lower product revenue in the first quarter of the year owing to the pandemic offset improved performance in the second quarter.
The company also proposed to raise about £100 million at a price of 57 pence per share, to strengthen the balance sheet and accelerate profitable growth.
For the 26 weeks to 29 August, pre-tax profit fell 25% to £14.1 million year-on-year as revenue slipped 17.6% to £356.7 million.
Product revenue fell 28.8% in Q1, but recovered and was down 12.0% in Q2.
Looking ahead, the company said it remained 'confident of offsetting at least 75% of the group gross margin decline through operational cost savings with bad debt provision movements being the primary driver negatively affecting EBITDA margin.'
At 9:48am: (LON:BWNG) Brown N Group PLC share price was -8.4p at 50.6p