New Look posts strong profit rise
New Look has reported an almost £30 million jump in its full-year pre-tax profit.
The fashion retailer, which was recently acquired by South African investment firm Brait, saw its revenue increase by 3.4% to £1.41 billion in the 52 weeks to 28 March while pre-tax profit rose to £50.6 million from £20.7 million a year earlier.
New Look brand like-for-like sales climbed by 4% with UK like-for-like sales edging up 5%.
Anders Kristiansen, New Look chief executive, said: "These strong results demonstrate a year of delivery against our strategy. With the support of our new owners Brait, this is a hugely exciting time for New Look, as we continue to focus on our strategic initiatives of brand, multichannel, international expansion, product development and menswear."
While e-commerce sales climbed by 34%, own website sales grew by 30.4%. Some 28% of online orders were picked up in store via click-and-collect with 19% of those customers making a further purchase in-store.
Mobile orders were up 115% with mobile accounting for 45% of all online visits.
New Look continued its international expansion in the period and saw a strong performance in its first year of trading in China. The retailer had 19 stores trading in the country at the year end, and has since opened a further 11 stores in April and May. It also continued its expansion in Europe with openings in France, Poland and Germany.
Kristiansen added: “Internationally, we are making great strides both in Europe and in China. In China, customers have responded positively to our ranges and we see the opportunity for significant growth in the country, with up to a further 50 stores due to open in the coming year.”
Looking at current trading, New Look said it had been pleased with early summer trading. It added: “We will continue to invest in our strategic initiatives, and we are confident that the increasing strength of the New Look brand leaves us well placed for the year ahead.”
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