New Look appoints new chief executive as losses narrow
New Look’s first half losses have narrowed to £11.2 million from £41.9 million in the same period last year.
However, total revenue declined to £523. 8 million from a previous £601.1 million as like-for-like sales declined by 7.4%.
In a statement, New Look said its UK and Ireland like-for-like sales were positive in July and August but September sales were impacted by unseasonably warm weather.
During the period, New Look significantly reduced options by 25% in its stores and by 32% online as it looked to improve the customer experience. It also increased the speed to market with average lead times reduced by 12 days.
New Look has announced that former House of Fraser head Nigel Oddy has been appointed as its new chief executive. Oddy has been working as the company’s chief operating officer since April and has now been promoted.
Alistair McGeorge, New Look chairman, said: “Nigel has been running the business operationally since he joined us and in a short space of time has made significant improvements to our buying, product, supply chain and omnichannel offer. As I have said before, his experience will be a great asset as we continue our transformation, which I am confident we are well positioned to deliver.”
