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New Look turnaround 'stabilising profits'

Underlying operating profit at New Look rose 19% to £14.4m in the 13 weeks to 23 June 2018 year on year as the retailer focuses on its turnaround plans.

Revenue fell by 2.4% to £329.5m in the same period and brand like-for-like sales slipped by 4%, although adjusted EBITDA was up 1.5% to £27.6m.

The retailer also said ecommerce profitability had increased “substantially” but did not give exact figures.

Executive chairman Alistair McGeorge said New Look was “making good progress in stabilising profits”: “We ended the quarter with a clean stock position and have seen improved sales performance in the areas we have addressed so far in our product review. We are confident there is more to come as we focus on our remaining product ranges.

“As we recover the broad appeal of our product, we were pleased to improve our market performance and deliver better customer conversion rates. This shows the strength and resilience of our brand, and the positive impact of the changes we are making. Our turnaround plans continue, and we will deliver further operational efficiencies.”

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