New Look reduces losses in third quarter
New Look saw its losses narrow in its third quarter despite “tough” market conditions.
The fashion retailer made a pre-tax loss of £1.2 million compared to a £63.2 million loss in the same quarter in the previous year.
Meanwhile, total revenue came in at £830.1 million compared to a previous £930.4 million. On a like-for-like basis, sales in the UK and Ireland declined by 7.1%.
New Look chief executive Nigel Oddy said: “We have delivered a robust third quarter performance given the tough market conditions, as we maintained good control over our stock and costs, reduced markdown activity, and our stores outperformed our target market. Since moving from COO to CEO in January, my focus has been to accelerate our transformation plans and ensure we recover the broad appeal and good value cherished by our customers.”
Oddy said the company’s fourth quarter will be characterised by early spring trading in late February and March, but the company is remaining cautious due its “challenging” market.
He added: “Looking further ahead, our improved product range, enhanced lead times and omnichannel offer means we are well positioned as we focus on driving profitable sales.”
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