New Look first half revenue down 4.2%
Fashion retailer New Look has seen its revenue decline by 4.2% to £656.9 million in the first half its financial year as it works through its turnaround plan.
New Look brand like-for-like sales declined by 3.7% although adjusted EBITDA increased to £49.8 million from £24.2 million in the previous year as the retailer benefited from cost savings.
Meanwhile, New Look made an underlying operating profit of £22.2 million in the period compared to a prior loss of £10.4 million.
Alistair McGeorge, New Look executive chairman, said: “I am encouraged by our performance in the first half of the year, which reflects the progress we are making with our ongoing turnaround plans to rebuild our position in the UK womenswear market.
“As we look to the second half, our focus will be to continue to improve our financial and operational stability and further capitalise on our brand strength to position us well for the future.”
New Look said sales and profitability had improved within its main womenswear categories although trading in the footwear and accessories remained challenging.
The retailer has also said that it may close up to 100 stores as it looks to save on costs and improve profitability. In March New Look announced that it would close 60 stores but has now said that this has risen to 85 and that talks are continuing with a further 13 stores.
