Strong trading could mean a return to market
New Look chief executive Phil Wrigley said the business could float this year, after trading exceeded expectations.

The value-fashion retailer has revealed that UK like-for-like sales have risen 3.2 per cent in the 14 weeks to December 30, driven by space and range expansion throughout Europe. Total group sales increased 26 per cent.

Wrigley said he would investigate the option to float in March. He said: 'It's [a float] a possibility. Because of the strength of our trading and the changes we have made, it opens up options to our investors.

'We have transformed the business - it is double the size it was two and a half years ago.

'Against tough conditions, the business traded ahead of the market. We remain focused on our investment in the business, a programme that puts us on track to open a record amount of space this financial year.'

However, Wrigley was cautious on prospects for this year. He said: 'If anything, this year will be a bit tougher than last year. We are very cautious. From a consumer point of view, they are facing high utility bills and a possible interest rate hike. Mortgages and borrowing are high. The Land Registry have said house prices are slowing, plus there are some concerns about employment.'

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