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New Look sales and profits jump in ‘milestone’ year

New Look’s underlying profit for the year to March 26 jumped 14% to £174.7m, as sales increased 5.4% to £1.5bn, driven by multichannel, menswear and “continued success” in China.

New Look

 

Online sales soared for the high street chain with own website sales up 27.9% for the year and third party online sales increasing 41.8%.

UK like-for-like sales were up 3.4% while New Look brand like-for-like sales increased 3.6%.

Adjusted EBITDA was up 7% to £227.2m and profit before tax, adjusted for the non-recurring exceptional transaction and refinancing costs, increased 16.8% to £59.1m.

New Look had a non-recurring transaction costs of £94m relating to the sale of the firm to Brait in May 2015 and bond refinancing, resulting in a statutory loss before tax of £34.9m.

During the year the firm opened six standalone menswear stores, with two more opening since year end and all are “trading well”.

In China the business delivered positive like-for-like sales and opened a further 66 stores. Since the end of March New Look has opened another seven stores in the region taking the total to 92. Over the next year it will open another 50 shops in China.

Anders Kristiansen, chief executive 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.

“As for current trading, retailing in the UK is more challenging than it has been for some time, and we expect some impact on the business. However, 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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