N Brown maintains exec bonuses despite share price rout
Digital fashion retailer N Brown has maintained the long-term bonuses for CEO Steve Johnson and CFO Rachel Izzard, despite a dramatic fall in its share price over 12 months, reported BusinessLive.
The Simply Be, JD Williams and Jacamo owner said its long-term incentive plan (LTIP) award levels are being maintained "to ensure that management has an incentive that is sufficiently leveraged to truly drive and reward performance and returns for our shareholders.
And it "believes it is right to focus management for this award on measurable improvements in long-term profitability”.
LTIP award levels for Johnson will be 150% of his salary for the year to February 2023. It will be 125% of Izzard's salary.
Their salaries increased 1.5% in 2021 to £431,375 and £355,250 respectively. The company said this was in line with those of the wider workforce. For its current financial year, their salaries will be increased by 3% to £444,316 and £365,908 respectively.
Last month, the group reported revenue in the 52 weeks to late February fell 1.8% to £715.7 million. Product revenue also dipped 0.6% to £465.6 million. However, adjusted EBITDA was up 11.9% at £95 million. Statutory pre-tax profit more than doubled to £19.2 million.
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