Wednesday 22 August 2018

New Look reports operating loss of £74.3m

In the UK New Look sales fell by 11.7pc on a like-for-like basis in the 12 month period
In the UK New Look sales fell by 11.7pc on a like-for-like basis in the 12 month period
Independent.ie Business Desk

New Look has reported an operating loss of £74.3m (€84.3m) for the year to March 24.

In the UK sales fell by 11.7pc on a like-for-like basis.

Alistair McGeorge, New Look's executive chairman, said: "Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.

"We still have more work to do to restore long-term profitability, but I am confident we are now better placed to achieve this than we were when I returned to the business over six months ago."

The retailer's website sales slumped by 19.2pc, and it was hit with a £34.2m one-off cost, which included a hit from stock clearances.

In Ireland the company has ten stores including five in Dublin and one in Donegal.

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