New Look reported a surge in profits in its first quarter as the retailer increased the amount of full-price sales it made on last year.
New Look’s underlying operating profit grew 38.4% to £43.6m in the 13 weeks to June 28. Group EBITDA was up 18.8% to £59.4m.
The retailer’s group like-for-like sales rose 8.9% in its first quarter, while group revenue grew 8.1% to £392.5m.
UK like-for-likes were up 11.6% while ecommerce sales increased 39.2%, and the retailer said it was “particularly pleased with our product ranges and our success in identifying and capitalising on key trends, such as kimonos and printed trousers, was further enhanced by the good weather.”
The retailer added, however, that despite the strong start to the year it remains watchful of the consumer environment.
Chief executive Anders Kristiansen said: “These are terrific results which have exceeded our expectations, driven by the fact that we hit key trends effectively, as well as strong execution in managing our core UK and online operations. The great customer reaction to our summer product ranges has allowed us to maximise full-price sales, while the improved flexibility in our supply chain means that key ranges have remained fully stocked. By the end of the quarter we had 286 concept stores globally, leaving us well placed for the year ahead.”