New Look Q1 results exceed expectations

New Look said its underlying operating profit increased by 38.4% during the first quarter, exceeding expectations.

The company, which carries lingerie and swimwear by Kelly Brook, said underlying operating profit rose to £43.6 million over the quarter ended 28 June.

Adjusted EBITDA was up 18.8% to £39.4 million. Group revenue increased 8.1% to £392.5 million, as like-for-like sales increased 8.9%, compared to just 2.2% last year. E-commerce sales increased 39.2% over the quarter.

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“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” said New Look CEO Anders Kristinsen.

“The great customer reaction to our summer product ranges has allowed us to maximise full price sales, whilst 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.”

The company recorded a “pleasing” start to the second quarter, achieving a greater proportion of full price sale than last year.

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