Analysis: New Look sales are under pressure but profit is priority
Value fashion retailer New Look’s first-half figures showed signs of progress in its recovery following last year’s CVA and resulting financial restructuring.
New Look cut its statutory loss by £30.7m to £11.2m as initiatives such as a refocusing of the product offer began to pay off.
However, the retailer’s sales line looked less encouraging. Total revenue was down to £523.8m, from £601.1m in the equivalent period last year.
Like for likes in its core UK and Ireland market slid 7.4%. New Look attributed the sales fall to “ongoing consumer uncertainty and seasonal volatility”.
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