New Look is back in the black on an underlying basis after its turnaround programme bore fruit.
The retailer reported core underlying operating profit of £33.2m in its latest year compared to a loss of £35.7m the year before.
Revenue over the year fell 3.8% to £1.24bn, which New Look said was in line with expectations “given focus on driving more profitable sales and fewer stores”. In its main UK market core like-for-likes slipped 1.6%.
On a statutory basis, New Look made a loss before tax of £522.2m, compared with £190.2m the previous year. The retailer said that was principally driven by £423.3m goodwill and non-cash brand impairment charges as it restructured.
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