Fashion retailer New Look saw UK sales jump four per cent in the 14 weeks to December 29th 2012 as customers sought value for money in the run-up to Christmas, figures released today reveal.
Like-for-like sales over the period in the UK rose 3.7 per cent while total group sales excluding VAT increased 3.7 per cent.
“I am delighted that we have seen continued momentum in New Look’s performance,” New Look Chairman Alistair McGeorge said.
“The Group has delivered an excellent result in a challenging trading environment, and this performance is a testament to the success of our recovery programme and the strength of our brand.
“Once again customers have been tactical in their shopping through December, delaying spending until later in the month and searching out best value, which New Look was well equipped to deliver.”
Online sales also saw a boost on the same period in 2011, rocketing by over 50 per cent as the retailer seeks to strengthen its multichannel operations.
Last month, New Look announced the appointment of a new CEO to its team, Bestseller Vice-CEO Anders Kristiansen who takes up his new role today.
It is hoped that the introduction of a new chief will further aid the retailer in its continuing recovery plans, which aim to reduce operating costs without damaging margins.
Gross margin was “significantly ahead of last year”, New Look said in its Christmas trading update as a result of stock management and lower markdown and McGeorge remains positive about the year ahead.
He said: “Looking ahead we expect the economic outlook to remain challenging, however, we are confident in our ability to maintain the positive momentum being generated from the improved value of our ranges, our store refurbishment program and continued growth of our online offer.”