Fast fashion retailer New Look has posted a solid set of trading results for the third quarter as it rode out “a difficult quarter.”
Revenue rose 5 per cent to £430.5m but EBITDA but underlying operating profit was flat at £64.8m for the 13 weeks to 28 December 2013. Group profits surged 22.3 per cent in the 39 weeks to 28 December while revenue was up 5.6 per cent for the 39 weeks to 28 December.
Anders Kristiansen, CEO, said: “We are pleased with our performance in a difficult quarter. Growth was once more driven by a particularly strong E-commerce performance – both from our own site and from third parties – and our New Look International business turned in a commendable performance, up 7.2% in the period.”
New Look, which does not have plans to list on the London Stock Exchange, added it had a good post- Christmas clearance period which has reduced its Autumn/Winter stock clearing but “remained watchful” of continued pressures facing its customers.
The retailer, which plans to open two stores in China by the end of this month, is aiming to open 15-20 new stores in Beijing and Shanghai by spring 2015.