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New Look hails strong year despite posting loss

New Look has increased its full-year revenue to £844.7 million from £839.6 million in the prior year following a strong focus on a full-price sales. Adjusted… View Article

FASHION RETAIL NEWS UK

New Look hails strong year despite posting loss

New Look has increased its full-year revenue to £844.7 million from £839.6 million in the prior year following a strong focus on a full-price sales.

Adjusted EBITDA was also up in the 52 week period to 25 March, with an increase of 67% to £42.2 million.

However, the fashion retailer’s statutory pre-tax loss widened to £87.8 million from £25.5 million in the previous 12-months. New Look attributed this to an impairment charge of £47.4 million following “annual accounting assessment of all tangible and intangible assets.”

Helen Connolly, New Look chief executive, said: “Despite the challenges posed by inflationary headwinds during the period, and the ongoing cost of living pressures impacting consumer sentiment, it was a strong year for the business, driven by the appeal of our product, our pricing and our omnichannel offer.”

New Look has also announced that it has successfully completed a £100 million debt refinancing deal.

Looking ahead, Connolly said: “We remain confident in our strategy but mindful of the continuing external headwinds we and our customers face. We’ll continue to offer our customers great quality product however they want to shop, whether that be through our fantastic network of stores and teams across the country or through our market-leading digital channels.”

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