Fashion retailer New Look salvaged margins during the crucial pre-Christmas period by not going on Sale early.
On Tuesday, New Look reported a 5.1 per cent fall in like-for-like sales in the seven weeks to January 10, but gross margins were ahead by 1.5 percentage points.
Chief executive Stephen Sunnucks said: 'Costs were controlled. We managed the Christmas period well.' Profit before tax should be approximately£89 million for the year to March.
Sunnucks said the bid proposal from founder Tom Singh was still being discussed and that an outcome would emerge in 'a couple of weeks'.
However, Evolution Beeson Gregory analyst Nick Bubb said: 'We have little confidence in the chances of a 348p MBO offer and wouldn't be surprised if no bid transpires. But this bid saga has been dragging on too long and Tom Singh now needs to sing for his supper.'
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