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New Look sales grow 5.6% in ‘tough market’

New Look sales grew by 5.6% to £1.17bn for the 39 weeks ended December 26, with UK like-for-like sales up by 4.3% compared with the same period last year.

New Look Christmas windows 2015

New Look Christmas windows 2015

New Look Christmas windows 2015

Its pre-tax profit before exceptional items rose 38.9% to £87.9m. However, it was hit by a non-recurring exceptional transaction cost of £93.4m relating to its acquisition by South African firm Brait, resulting in a statutory pre-tax loss of £10.1m.

Its New Look brand sales rose by 4.5% on a like-for-like basis during the period, with own website sales up by 34.7% and third party ecommerce sales up by 32.7%.

During the key Christmas trading period, UK like-for-like sales rose by 3.2% for the seven weeks ended January 2.

Chief executive Anders Kristiansen said: “In what has been perceived as a tough market this quarter, we feel pleased with this performance.

“Our preparation and readiness for the peak trading season ensured we delivered good results, despite the highly promotional environment in the UK including the competitive challenges generated by Black Friday.”

The company said its menswear standalone stores continue to exceed expectations and confirmed it will open 15 to 20 more next year.

It currently has 75 stores open in China and is on track to have 85 by the end of the financial year.

 

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