THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Omnichannel Futures Conference 2020
Online Conversion Summit 2020
Future of Retail Marketing 2020
The HR Summit 2020
AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
New Look reports decline in sales

Fashion retailer New Look has reported a 10.6% decline in group like-for-like sales in the 39 weeks to 23 December after it experienced “challenging” trading in… View Article

FASHION

New Look reports decline in sales

Fashion retailer New Look has reported a 10.6% decline in group like-for-like sales in the 39 weeks to 23 December after it experienced “challenging” trading in its third quarter.

UK like-for-like sales were down 10.7% in the period as group revenue fell by 6.3% to £1.07 billion. In addition, the company made an underlying operating loss of £5.1 million.

Alistair McGeorge, New Look executive chairman, said: “As we expected, Q3 trading remained challenging, with sales and margins impacted by the high level of discounts.

“Our immediate priority is to exit the current financial year without excess stock. By entering FY19 with clean stock levels we will be in a good position to deliver a strong full price Spring/Summer offer.”

The company said it is working to get the business back on track with a focus on reducing costs, recovering the broad appeal of its products and reconnecting with customers.

Initiatives include realigning pricing to offer better value, having a more flexible buying model, and improving the company’s speed to market.

McGeorge added: Additionally, we are working hard to achieve a better alignment between ecommerce and stores. Taken together, this will help to drive future full price sales.

“We have a great brand supported by brilliant people, and I am confident we are taking the necessary actions to rebuild our position within the UK market and restore long-term profitability.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY