Friday, August 23, 2019

New Look reports sharp sales decline amid challenging market


New Look have reported a sharp decline in sales in the 26 weeks to September 24.

Sales at the fast fashion retailer dropped by 8.8 per cent on a like-for-like basis in the UK, while group sales fell similarly by 8.4 per cent.

Despite online sales increasing by 9.5 per cent on its own website and third party sales rising by 21.5 per cent, overall revenue fell by five per cent to £718.1 million.

“Following a tough first quarter, trading conditions have remained extremely challenging through the second quarter,” chief executive Anders Kristiansen said.

READ MORE: Why is the fashion sector struggling?

“Whilst sales have been affected by external factors such as falling consumer confidence, we have held our gross margin stable in the quarter and seen good revenue growth online and internationally.

“We remain confident in our long term strategy and continue to make good progress against our strategic initiatives. Despite the challenges in the first half, we are excited and well-prepared for our peak trading period.””ƒ

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