Fashion retailer New Look has reported today (11th August) that it has seen a ‘strong’ first quarter in trading.
Figures show that the 13 weeks leading to June 27th saw revenue increase 4.3% to £369.8 million, with New Look’s like-for-like sales rising by 4.1%.
Other figures state that underlying operating profit increased 6.8% to £47.3 million and profit before tax rose 9% to £19.3 million.
Chief executive of New Look, Anders Kristiansen said: “These strong results demonstrate New Look’s ongoing progress during a quarter in which we have changed ownership and refinanced the business. Further UK sales growth is particularly encouraging, whilst our latest successful store openings in China ensure our expansion plans continue on track.” Adding “Whilst the consumer environment remains unpredictable, we continue to manage the business accordingly.”
Online sales have also done well for the retailer with sales rising 38.7%, with sales on its mobile site increasing 97%.
The future for the fashion retailer looks positive as it plans to open five menswear standalone stores and 23 stores trading in New Looks new ‘Concept’ format.
New Look has also seen success abroad in China with 39 stores open and plans to open another 40.
