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Earnings up 9.9% at New Look

New Look’s earnings have shot up nearly 10% to £187m for the 39 weeks to December 28, bolstered by strong ecommerce sales and a good Christmas.

The retailer’s online sales rocketed 65.6% in the period, with own site sales rising 43.3%. Like-for-likes edged up 1.1%, while group revenues climbed 5.6%. EBITDA rose 9.9%

As with many other retailers, New Look noted that autumn had been affected by unseasonable weather and “a highly promotional high street”, but traded well over Christmas, with ecommerce sales rising 50.3% in the 13 weeks to December 28.

One in four online customers now use click & collect, and “the majority” of returns were brought to store, which New Look flagged as an example of the development of its multichannel strategy.

Chief executive Anders Kristiansen said: “We are pleased with our performance in a difficult quarter. Growth was once more driven by a particularly strong ecommerce performance – both from our own site and from third parties - and our New Look International business turned in a commendable performance, up 7.2% in the period.”

The business is planning to open its first stores in Shanghai and Beijing this spring, with further stores expected to open during the course of the year, as previously revealed by Drapers.

“We are optimistic about the year ahead with the opportunity for further growth in both UK and International, driven by further developments in our multi-channel model. However, we remain watchful of the pace of economic recovery and the continued pressures facing our customers,” the company statement said.

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