New Look has pointed to “extremely challenging” market conditions and a fall in consumer confidence after its half-year underlying operating profit fell 37.4% to £59.3m.
New look mens trafford centre
UK like-for-like sales fell 8.8% for the 26 weeks to 24 September, while group like-for-like sales dropped 8.4%. Overall revenue was down 5% to £718.1m
Online fared better however, with own website sales up 9.5% and third party ecommerce sales up 21.5%.
Anders Kristiansen, chief executive, said: “Following a tough first quarter, trading conditions have remained extremely challenging through the second quarter. While sales have been affected by external factors such as falling consumer confidence, we have held our gross margin stable in the quarter and seen good revenue growth online and internationally.
“We remain confident in our long term strategy and continue to make good progress against our strategic initiatives. Despite the challenges in the first half, we are excited and well-prepared for our peak trading period.”