Tuesday 23 July 2019

Losses widen at fashion chain New Look

The retailer said core like-for-like sales fell 1.6pc in an improved performance on the 11.6pc tumble seen the previous year
The retailer said core like-for-like sales fell 1.6pc in an improved performance on the 11.6pc tumble seen the previous year
Independent.ie Business Desk

Fashion chain New Look has reported widened pre-tax losses of £522.2m (€584m) for the year to March 30, against losses of £190.2m (€213m) the previous year.

The retailer said core like-for-like sales fell 1.6pc in an improved performance on the 11.6pc tumble seen the previous year.

New Look, which recently completed a company voluntary arrangement (CVA) as part of an overhaul to close unprofitable stores and slash debts, said the losses came after it took a £423.3m hit related to the restructuring.

With this stripped out, underlying earnings for the core business rose to £80.2m (€90m) from £18m (€20m) the previous year.

Alistair McGeorge, executive chairman of New Look, said the group was making progress in its overhaul, but admitted there is "more work to do".

He said: "Whilst New Look enters the new financial year in a fundamentally healthier and stronger position, in many respects today marks the starting line.

"We have more work to do to enhance trading and deliver further operational improvements as we continue our turnaround plans."

"We expect the retail environment to remain as challenging as ever in the year ahead, with continued Brexit uncertainty and unseasonable weather impacting current trading," he added.

PA Media

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