// New Look posts narrowed half-year losses
// New Look’s UK & Ireland like-for-like sales decreased 7.4% reflecting “ongoing customer uncertainty”
New Look has reported that its losses narrowed in its half year results after an “incredibly busy” year.
In the 26 weeks to September 28, the fast fashion retailer posted a statutory loss before tax improvement of £30.7 million to £11.2 million compared with a loss of £41.9 million the same period the previous year.
Despite narrowed losses, sales dropped from £601.1 million to £523.8 million during the period.
- New Look suffers 10% hit in quarterly like-for-likes
- New Look becomes first fashion retailer to launch vegan range
New Look’s UK and Ireland like-for-like sales decreased 7.4 per cent reflecting “ongoing customer uncertainty”.
“The first half of this financial year has been incredibly busy for New Look as we focused on strengthening the operational foundations of the business,” New Look chief operating officer Nigel Oddy said.
“We have reviewed our entire product range, improved our lead times, enhanced the customer journey, revitalised the company’s values, and have begun to make the necessary changes to our leadership,” he said.
“As we continue to recover the broad appeal of our product, our offer is now much improved as we focus on buying into successful trends quickly.
“We are delivering record levels of Click & Collect orders in our stores.
“Following a tough first quarter, we delivered positive like-for-like sales throughout July and August, but September was impacted by the unseasonably warm weather, which affected the sector in general.”