The previously struggling fast fashion retailer New Look has reported a strong set of results showing a successful turnaround under Anders Kristiansen.
The British retailer’s revenues were up 3.4% to £1.4bn for the year to 28 March, while total brand like-for-likes rose by 4% and UK like-for-likes rose 5.1%. Further the retailer announced a 4% increase in adjusted EBITDA up to £212.4m and underlying operating profits increased 8.7% to £153.2m.
New Look has also stated that it’s ecommerce sales have increased 34%, with 28% of all online orders picked up through click-and-collect, where 19% of these consumers then continue to spend more money in store.
Mobile orders saw a significant surge of 115%. In addition, the high street fashion retailer is now trading with 11 third –party partners including Asos and Zalando.
Kristiansen stated that “These strong results demonstrate a year of delivery against our strategy. With the support of our new owners Brait, this is a hugely exciting time for New Look, as we continue to focus on our strategic initiatives of brand, multichannel, international expansion, product development and menswear.
“In particular, our considerable high street presence has left us well-placed to capitalise on the growing demand for click-and-collect, with over a quarter of online purchases now collected in store,” the CEO added.
“Our spring collections are being well received and I would like to thank everybody at New Look for their hard work over the last twelve months as we enter the new financial year with continued momentum.”
New Look further reported strong performance internationally, especially from its first year of trading in China, opening 19 stores by the end of the year. There are plans to open 70 new international stores by March 2016, including the new stores in France, Poland and Germany that have already opened this year.