New Look struggles in first half
Fashion retailer New Look’s UK like-for-like sales fell by 8.4% in its first half as the company struggled against a “challenging” retail environment.
New Look brand like-for-like sales dropped by 8.6% in the six months to 23 September while revenue fell by 4.5% to £686 million.
In addition, the retailer has reported an underlying operating loss of £10.4million compared to a profit of £59.3 million in the same period in the previous year.
New Look has announced that Alistair McGeorge has been appointed as executive chairman of New Look with immediate effect.
Danny Barrasso, who was appointed as interim chief executive after Anders Kristiansen stepped down in September, has returned to his previous role of UK & Ireland managing director.
McGeorge said: “I am delighted to return to New Look as executive chairman. The immediate focus in this period of transition will be to deliver stability and get the business back to basics by reconnecting with the New Look customer and recovering our broad appeal.
“Today’s results reflect another tough period of trading for the company amid a challenging retail environment on the UK high street. Whilst we’re not anticipating a reversal in fortunes overnight, I am confident we will implement the necessary changes to get the company back on track.”
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