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New Look Q1 revenues drop 4.2 percent

By Prachi Singh

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Report

Revenues at the New Look declined 4.2 percent to 354.2 million pounds (460 million dollars) compared to 369.8 million pounds (480.5 million dollars), in the same quarter last year. New Look brand like-for-like sales were down 6.6 percent.

Commenting on the results, Anders Kristiansen, CEO, said, “We continued to manage the business for long term growth in what was a tough quarter, with unfavourable market conditions impacting high street footfall. Nonetheless, we remain confident in our proven strategy, and we delivered a strong cash position with inventories held tight.”

Financial highlights of the first quarter

Menswear sales were up 21 percent as the company continued to roll out standalone stores. In China, the brand was launched on JD.com and the company also opened nine new stores in the quarter, taking the count to 94 in total. New Look operated 852 stores, comprising 578 in the UK, and a further 274 globally. Its e-commerce offering serves over 120 countries worldwide.

UK like-for-like sales were down 7 percent, while the ecommerce sales improved 9 percent. The company witnessed third party ecommerce sales rise 28.7 percent. Adjusted EBITDA was down 29 percent to 43.4 million pounds (56.2 million dollars). Profit before tax was 2.7million pounds (3.5 million dollars) against loss before tax of 73.7 million pounds (95.7 million dollars), which included non-recurring exceptional transaction costs of 93 million pounds (120.7 million dollars) relating to the Brait acquisition and bond refinancing.

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New Look