New Look reports sales recovery
New Look has revealed that its first quarter revenue climbed by 181.7% to £194.4 million from the corresponding period in the previous year after lower footfall was offset by improved sales conversion rates.
During the quarter ending 26 June, ecommerce sales rose by 3.8% compared to the first quarter in 2020 and by 43.3% versus two years ago. The fashion retailer said it had made a solid start to its new financial year following store re-openings after the most recent Covid-19 lockdown.
However, New Look said sales fell to £542.2 million in the year to 27 March from a previous £912.8 million due to Covid-19 related store closures.
During the year, New Look completed a Company Voluntary Arrangement and financial restructuring which it said has provided firm foundations for future growth.
Commenting on the first quarter and full year results, Nigel Oddy, New Look chief executive, said: “Last year’s results are clearly not reflective of the health of the business as it stands here today. We are in a fundamentally stronger position following the successful recapitalisation and CVA.
“Looking ahead, structural changes in the market have accelerated as a result of the pandemic and there is no doubt the retail landscape has been permanently transformed. New Look has an excellent opportunity to capitalise on, and the combination of a cohesive omnichannel model, conveniently located stores, and feel-good fashion at great prices will put us in a strong position to deliver long-term and sustainable growth.”
