New Look EBITDA up 13.1% in first quarter
Fashion retailer New Look saw its EBITDA rise by 13.1% in its first quarter as strong cost control and stock management helped the company to make progress in a difficult and volatile trading environment.
In the 13 weeks to 29 June 2013, group sales rose by 4.9% while like-for-like sales edged up 0.3% with New Look brand like-for-likes increasing by 1%.
Online sales were up 78.7% on the same period last year.
In a statement, the company said that it had made a strong start to the second quarter as better weather in the period helped it to achieve a more favourable sales mix with a higher proportion of full price sales and a reduced number of markdowns.
The company added: “Looking ahead, we remain cautious on the outlook for consumer spending, but are confident in our ability to continue to make progress as a result of our excellent ranges, our on-going store transformation programme and our continued growth in e-commerce.”
New Look chief executive Anders Kristiansen said: “We are very encouraged by New Look’s robust trading performance in the period, in spite of the coldest spring for 50 years. Our disciplined attitude to cost and stock management has enabled us to make further strong progress in a difficult and volatile trading environment. We are confident that the improvement to our ranges, the refurbishment of our stores and our growing online strength will underpin further progress.”
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