New Look profits up 16.8%
Fashion retailer New Look has increased its full year pre-tax profit by 16.8% to Â£59.1 million as it continues to make progress across all of its strategic initiatives.
In the year to 26 March, revenue was up 5.4% to just over £1.4 billion with like-for-like sales climbing by 3.6%. Like-for-like sales in the UK rose by 3.4%.
New Look chief executive Anders Kristiansen said: “These are good results during what has been a milestone year for the business. With the support of our new owners Brait, we have made continued progress against our strategic initiatives as we develop New Look into a truly global brand.
“In particular, the increase in our like-for-like sales reflects the strength of our multichannel proposition. Across all our channels - in-store, online or via click-and-collect - we are ensuring that shopping with New Look is as seamless and convenient as possible.”
New Look further developed its menswear offer with six standalone stores open by the end of the year and two more launched since the year end.
It also made improvements to its website and mobile app, with added new delivery options such as next day click and collect. In addition, the retailer is upgrading its international web platforms this summer to improve the customer experience.
At the end of the year New Look had 85 stores trading in China compared to 19 at the same time in the previous year with like-for-like sales “positive”. It now plans to open a further 50 stores in the country during the coming year..
Looking ahead, Kristiansen said retailing in the UK was more challenging than it had been for some time which he expects to have some impact on the business. He added: “Whilst we remain watchful of volatility in consumer sentiment I am confident in our strategy and our ability to continue to execute it long term.”
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