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Sales and profits slip during ‘challenging’ quarter for New Look

Revenue at New Look dropped 4.2% to £354.2m for the 13 weeks to June 25, during a “tough” quarter for the high street chain.

New Look

New Look

UK like for like sales slipped 7% as New Look own brand sales fell 6.6% on 2015.

Underlying operating profit fell 35.5% to £30.5m and adjusted EBITDA dropped 29% to £43.4m.

Profit before tax at the retailer was £2.7m for the quarter.

Online sales held up, jumping 9% on NewLook.com and increasing 28.7% on third party websites.

Anders Kristiansen, chief executive, said: “We continued to manage the business for long term growth in what was a tough quarter, with unfavourable market conditions impacting high street footfall. Nonetheless, we remain confident in our proven strategy, and we delivered a strong cash position with inventories held tight.”

He added: “We continued targeted investment across our strategic initiatives, particularly in menswear and in China. Menswear sales are up 21% as we continue to roll out our standalone stores and deliver a stronger product offer, while in China we launched on JD.com and opened nine new stores in the quarter, taking us to 94 in total.”

Readers' comments (1)

  • Massive drop in profit compared to sales drop. Made worse when you review performance of Zara and HnM?

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