New Look plans formalwear and footwear boost

Value fashion retailer New Look is to expand its footwear and formalwear collections on the back of strong interims.

Chief executive Stephen Sunnucks said New Look's footwear market share had increased from 1.1 per cent in September 2002 to 1.9 per cent for the same period this year. In formalwear, he said New Look has a 1 per cent market share. 'There's an opportunity for growth,' he added.

New Look plans another 11 larger shops by the end of the financial year.

It is also testing 'mini-heartland' stores in mid-sized towns.

Interim group sales climbed to£334.5 million, from£315 million in 2002.

Pre-tax profit was£48.2 million compared with£44.9 million.