New Look suffers profit slump

High street retailer New Look revenue has fallen 2.4%, down from £1.49bn to £1.45bn.

Like-for-like sales in the UK fell 6.8 per cent. Underlying profit plummeted from £174.7m to £97.6m for the year ending 25 March, a drop of 44.1%.

Conversely, digital New Look experienced growth. Sales through New Look’s website jumped 14.3% and third-party ecommerce sales grew 30.9% during the year.

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New Look said one third of all orders placed online were picked up from stores using click-and-collect.

Anders Kristiansen, chief executive of New Look, said (as reported by City AM): “The retail environment is now more competitive than ever.

“Our industry continues to evolve; immediacy and convenience matter more than ever before in the search for great fashion.

“We expect trading conditions for the coming year to remain challenging. We remain absolutely committed to delivery on our strategy for the benefit of all our customers and stakeholders and are confident we have the right strategy in place to do so.”

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