New Look still on target
Fashion retailer steady but strong
July 18 2002
New Look’s UK like-for-like sales grew 8.1 per cent in the 15 weeks to July 13.
Although growth has slowed since the very strong sales seen by many UK retailers earlier in the year, the fashion retailer traded successfully through the World Cup and Golden Jubilee period, as well as the poor start to the summer which hit sales The figures were down from like-for-like growth of 10.6 per cent in the first eight weeks of the year, but more than strong enough to show that the company’s refocusing of its business is well on target.
New Look‘s strategy has seen investment in new product ranges which have reduced the amount of discounted stock, along with relocation to larger stores in some towns, and refurbishment of existing stores in others.
Total UK sales were 12.3 per cent higher than the same period last year.
Stephen Sunnucks, Chief Executive, said: “We are pleased with the strong start made to the year. This has been driven by the rollout of improvements to our store portfolio combined with our focus on great fashion at great prices. While we recognise that current market conditions may not continue, we are confident that New Look’s strategy will deliver continued growth.”
