Friday, February 22, 2019

New Look posts like-for-like sales rise of 1.5%


Budget fashion retailer New Look has announced a solid set of trading results for the Christmas period.

Total UK sales rose 2.9 per cent while UK like-for-like sales were up 1.5 per cent. The results represent a slow down from last years Christmas trading results which rose 4 per cent.

Anders Kristiansen, CEO of New Look said the retailer, which is privately owned by Apax Partners and Permira, has performed well over the period despite succumbing to early discounting as early as 12 December. Kristiansen previously said he was determined to hold his nerve on pre-Christmas discounting.

“After a difficult start to the quarter, on account of an unseasonably warm October, trading returned to more normal levels. However, the festive trading window was smaller this year, with customers delaying purchases in order to seek out the best promotions before Christmas,” he said.

Sales surged at New Look‘s e-commerce website by 48 per cent as customers chose to use click and collect for around a quarter of orders.