New Look cuts quarterly losses with ‘robust’ performance
Fashion retailer New Look reduced losses in its third quarter, helped by cost control and lower markdown activity.
New Look reported a statutory loss before tax improved in the year to date to £1.2m versus a loss of £63.2m in the comparable previous period. Total revenue came in at £830.1m compared with £930.4m because of a smaller store estate as well as reduced markdown activity. Adjusted EBITDA in the quarter was flat at £36m.
Like-for-like sales in New Look’s core UK and Republic of Ireland markets slid 7.1%, ”reflecting ongoing consumer uncertainty and seasonal volatility”.
New Look said that it had controlled stock well, with a 24% reduction in units and that speed to market had improved as total lead times were reduced by nine days versus last year.
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