New Look EBITDA soars 10%
High street multiple New Look has bucked the market downturn to notch up record results for the year to March 28.
Total group sales in the year to March 28, grew by 14.9% to £1.32 billion and EBITDA rose 10.2% to £217.6 million. Like-for-likes in the UK and Republic of Ireland rose 1.4% over the period.
“2009 will be another challenging year for the consumer. However, I am confident that New Look is well equipped to face the challenges of the year ahead.”
Carl McPhail, chief executive, New Look
New Look gained 0.7 percentage points of UK market share over the period, taking its share by value to 5.4%. The retailer said it had benefited from customers making the “flight to value” during the recession.
It added 542,000sq ft of company-owned retail space including 27 new stores during the year taking its total space to 4.54 million sq ft.
New Look said that its good performance had continued into the new financial year. The chain said in a statement that its strong performance over the Easter period had continued to boost the good run of trade.
New Look chief executive Carl McPhail said: “We have increased our market share in core categories and continue to focus on the expansion of the New Look brand in the UK and abroad. 2009 will be another challenging year for the consumer. However, I am confident that New Look is well equipped to face the challenges of the year ahead.”
New Look plans to open further net space of 250,000 sq ft of trading space during the 2010 financial year.
It is also in the process of relocating its buying, merchandising and design teams from its headquarters in Weymouth to a new site in central London.
These initiatives will create 1,800 jobs.