New Look reports strong first quarter
WomenÂ’s fashion retailer New Look has made a strong start to its financial year after it capitalised on key trends and increased the number of products sold at full price.
In the 13 weeks to 28 June, group like-for-like sales rose by 8.9% with like-for-like sales in the UK climbing by 11.6%.
Group revenue rose by 8.1% to £392.5 million while e-commerce sales jumped by 39.2%. Adjusted EBITDA increased by 18.8% to £59.4 million.
New Look chief executive Anders Kristiansen said: “These are terrific results which have exceeded our expectations, driven by the fact that we hit key trends effectively, as well as strong execution in managing our core UK and online operations.
“The great customer reaction to our summer product ranges has allowed us to maximise full price sales, whilst the improved flexibility in our supply chain means that key ranges have remained fully stocked. By the end of the quarter we had 286 concept stores globally, leaving us well placed for the year ahead.”
New Look said it had made a good start to the second quarter, having achieved a greater proportion of full price sales than last year. The company revealed that it had been particularly successful in identifying and capitalising on key trends such as kimonos and printed trousers, sales of which had been boosted by good weather.
However, the company said that the second quarter represented a tougher comparative period versus the prior year, adding: “Despite this good start to the year, we remain watchful of the consumer environment.”
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