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New Look posts increase in sales and profits

New Look saw its revenue rise by 5.9% to £756 million in the first half of its financial year as the fashion retailer enjoyed a successful launch of its first standalone men’s stores.

GENERAL MERCHANDISE

New Look posts increase in sales and profits

New Look saw its revenue rise by 5.9% to £756 million in the first half of its financial year as the fashion retailer enjoyed a successful launch of its first standalone men’s stores.

In the six months to 26 September, New Look brand like-for-like sales rose by 4.9% while UK like-for-like sales climbed by 4.7%

Underlying operating profit rose by 10.9% to £94.8 million while pre-tax profit, adjusted for a non-recurring exceptional transaction and refinancing costs in the first quarter, climbed by 40.6% to £39.5 million.

The retailer said it was making good progress in China with 52 stores open by the end of the half year with leases signed to take the number of stores to 85 by March 2016.

Anders Kristiansen, chief executive of New Look, said: "These excellent results show the strength of the New Look offer and the strategic progress we have made in our product, stores and website. Against an unpredictable consumer backdrop we are especially pleased to have seen further Q2 sales improvement and market share growth, on what were already strong Q1 figures.

“With the support of our new owners, Brait, we are planning to increase investment in our strategic initiatives to accelerate our growth.

“As for current trading, the sector has benefited from the return to more normalised weather conditions compared to last year. We continue to manage the business prudently but the positive reaction to our current product offer gives us confidence as we head into Christmas.”

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