New Look sees profits dive over 60% in Q1

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New look

New Look has posted a “disappointing quarter of trading” in what it called a difficult market.

In the three months to June 24, the fashion retailer New Look saw underlying operating profits dive 60.3 per cent to £12.1 million.

It also posted losses of £15.2 million on a bottom line basis, against a £5.8 million profit a year prior.

This was reflected in a like-for-like sales slump of 7.5 per cent in the UK.

Overall brand sales also fell 8.2 per cent alongside an online sales dip of 0.6 per cent.

The dismal results come just a month ahead of the introduction of its new chief creative officer Paula Dumont Lopez, who joins in September.

READ MORE: New Look appoints Espirit’s Paula Dumont Lopez as new CCO

She will be tasked with pushing to overhaul its clothing ranges and reduce its dependence on performance on the high street.

“As expected, the UK market has remained difficult, which has resulted in a disappointing quarter of trading,” current chief executive Anders Kristiansen said.

“We expect the consumer economy to remain fragile and challenging market conditions to persist into 2018.”

He added that he was “confident that we will see improvements, but expect these to take time”.

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