New Look sees hope in stronger market
Like-for-likes positive over recent weeks
July 17 2003
New Look has seen the benefits of the recent improvement in the UK retail market, with positive like-for-like sales in the seven weeks to July 12.
UK like-for-likes were up 0.1 per cent over the seven weeks, compared to a 6.6 per cent fal in the eight weeks to May 24. Total UK sales for the most recent seven weeks were up 7.1 per cent.
Over the fifteen weeks to July 12, total UK sales were up 2.8 per cent, with like-for-likes down 3. per cent. New Look, which has bemoaned the effects of price deflation in the clothing retail market this year, also saw its gross margin fall slightly over the 15 weeks, down by 0.2 per cent.
Chief executive Stephen Sunnucks said: “We are pleased that trading has improved over the last seven weeks in spite of continuing strong comparatives. Our strategy remains on track and we are confident it will deliver continued progress.”
New Look has been rumoured to be the target of a possible bid in recent weeks, with speculation fuelled by the news that that founder Tom Singh is considering selling his family’s 28 per cent stake in the business.
