New Look’s losses narrow
New Look’s losses narrowed in the first half of its financial year as it worked to transform its business.
The fashion retailer made a pre-tax loss of £11.2 million compared to a loss of £41.9 million in the same period in the previous year.
However, like-for-like sales dropped by 7.4% in the UK and Ireland after trade was impacted by consumer uncertainty and seasonal volatility.
Total revenue was also down, falling to £523.8 million from £601.1 million at the same time last year.
Nigel Oddy, New Look chief operating officer, said: “The first half of this financial year has been incredibly busy for New Look as we focused on strengthening the operational foundations of the business. We have reviewed our entire product range, improved our lead times, enhanced the customer journey, revitalised the company’s values, and have begun to make the necessary changes to our leadership.”
During the period, the retailer appointed David Wertheim as central merchandising and supply chain director. It also launched new routes to market through online partnerships with Ebay and Next.
Alistair McGeorge, New Look executive chairman, said the business was entering its second half in a much improved position. He added: “Whilst we do not expect the retail environment to improve, we expect a better second half performance as we focus on driving profitable sales, maintaining strong control over our cost base and investing prudently in our people.”
