New Look reports sales recovery
New Look has revealed that its first quarter revenue climbed by 181.7% to £194.4 million from the corresponding period in the previous year after lower footfall was offset by improved sales conversion rates.
During the quarter ending 26 June, ecommerce sales rose by 3.8% compared to the first quarter in 2020 and by 43.3% versus two years ago. The fashion retailer said it had made a solid start to its new financial year following store re-openings after the most recent Covid-19 lockdown.
However, New Look said sales fell to £542.2 million in the year to 27 March from a previous £912.8 million due to Covid-19 related store closures.
During the year, New Look completed a Company Voluntary Arrangement and financial restructuring which it said has provided firm foundations for future growth.
Never Miss a Retail Update!Commenting on the first quarter and full year results, Nigel Oddy, New Look chief executive, said: “Last year’s results are clearly not reflective of the health of the business as it stands here today. We are in a fundamentally stronger position following the successful recapitalisation and CVA.
“Looking ahead, structural changes in the market have accelerated as a result of the pandemic and there is no doubt the retail landscape has been permanently transformed. New Look has an excellent opportunity to capitalise on, and the combination of a cohesive omnichannel model, conveniently located stores, and feel-good fashion at great prices will put us in a strong position to deliver long-term and sustainable growth.”
