- Prachi Singh |
Providing its first quarter update for the period ending June 23, 2018, New Look Retail Group Limited said that revenues were down 2.7 percent to 329.4 million pounds (426.7 million dollars), while New Look brand like-for-like sales dropped 4 percent compared to 8.2 percent decline in the same quarter of FY18. The company added that adjusted EBITDA stabilised in the quarter, rising 1.5 percent to 27.6 million pounds (35.7 million dollars) supported by cost savings. Underlying operating profit increased 19 percent to 14.4 million pounds (18.6 million dollars).
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Commenting on the first quarter trading and turnaround strategy, Alistair McGeorge, Executive Chairman, New Look Group said in a statement: “We previously said that our focus is to achieve financial and operational stability. In Q1 we made good progress in stabilising profits and delivering on our cost savings plan, with encouraging green shoots seen in womenswear. Our turnaround plans continue, and we will deliver further operational efficiencies.”
New Look further said that women’s clothing in UK stores outperformed market by 7.4 percentage points according to British Retail Consortium (BRC), while in-store and e-commerce customer conversion rates improved and ecommerce profitability increased substantially. Click and Collect sales mix increased to 40 percent, driving footfall into stores.
Picture:New Look website