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New Look pre-tax profits rise £30m

New Look has posted a £30m rise in pre-tax profit, taking it to £51m for the full year to March 28.

Revenue at the British fashion chain climbed 3.4% to £1.4bn, while UK like-for-like sales grew 5% during the period.

Underlying operating profit rose 8.7% to £153.2m, with adjusted EBITDA of £212.4m, up 4%.

The news will be welcomed by the young fashion retailer’s new owner, Christo Wiese’s investment firm Brait, which completed a buyout of the business in May valuing it at £1.9bn.

As confirmed to Drapers by New Look chief executive Anders Kristiansen at the time of the sale, the business is expanding in Europe in countries such as France, Poland and Germany, as well as China where it operates 30 stores and wants 70 by March next year. No figures were given for the number of stores being sought in Europe.

Ecommerce played a large part in the results, with online sales up 34% and mobile orders up 115%. Almost 30% of online orders were picked up in store via click-and-collect. New Look is now trading  through 11 third party partners including Asos.com and Zalando.

Kristiansen 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.

“In the UK, a like-for-like sales increase of 5% is testament to our improved brand signature and multichannel strength. In particular, our considerable high street presence has left us well-placed to capitalise on the growing demand for click-and-collect, with over a quarter of online purchases now collected in-store.”

New Look, which operates more than 800 stores worldwide, 569 of which are in the UK, refurbished 291 stores and opened 37 during the period.

It poached H&M’s chief operating officer for menswear, Christopher Englinde, as its new menswear design director in April. He will start his new role in August.

@LukeToddUK

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