New Look celebrates return to ‘underlying profitability’

New Look reported it is back in profit

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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