Tuesday, February 25, 2020

New Look records “continued progress” across the board


Fast fashion retailer New Look recorded strong results in its full year to 26 March 2016 as a result of its “seamless” multichannel offering. Total revenue grew by 5.4% to £1,490.6m from £1,414.5m year-on-year.

New Look’s total like-for-like sales and UK like-for-likes rose by 3.6% and 3.4% respectively. Further, ecommerce sales rose by a weighty 27.9%. Profits before tax were also up by 16.8% to £59.1m from £50.6m the previous year.

The fashion chain also noted that its menswear offering is also performing well and currently has eight standalone stores with more openings in the pipeline.

Contrary to many luxury brands, New Look continues to see positive results in its China business, with 85 stores trading at the end of the full year.

Improvements to its online platform and mobile app have also benefitted the group in addition to its new next day click and collect option. New Look announced that it will be upgrading its international site the summer.

 “These are good results during what has been a milestone year for the business. With the support of our new owners Brait, we have made continued progress against our strategic initiatives as we develop New Look into a truly global brand” said Anders Kristiansen, New Look CEO.

“In particular, the increase in our like-for-like sales reflects the strength of our multichannel proposition. Across all our channels – in-store, online or via click-and-collect – we are ensuring that shopping with New Look is as seamless and convenient as possible.

 “Elsewhere, the rollout of New Look Menswear is progressing well. Our product range has been strengthened and we are delighted with the look and feel of our new menswear stores and we have 20 more planned for this year.

 “In China too, we have seen strong local reaction to our affordable, fast-fashion offer. We plan to open a further 50 stores in China during the coming year. Since the year end, we‘ve opened 7 more stores already, taking us to 92 altogether in this market.

 “As for current trading, retailing in the UK is more challenging than it has been for some time, and we expect some impact on the business. However, whilst we remain watchful of volatility in consumer sentiment I am confident in our strategy and our ability to continue to execute it long term.”