New Look full-year losses total almost £75m

The retailer, which is embarking on a turnaround after winning approval for a CVA, maintained that there had been “significant progress made to deliver financial and operational stability”.

New Look reported that UK like-for-likes plunged 11.7% over the year to March 24. Its own website sales plummeted 19.2%, but third-party ecommerce sales rose 15.5%.

New Look’s adjusted EBITDA loss was £10.7m, which includes £34.2m of one-off costs such as stock clearance.

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

“Since November, we have focused on making the necessary changes to get the company back on track and reconnect with our customers.

“Our turnaround plan is now well under way, and we have already made substantial operational improvements to help stabilise the business, reduce our fixed cost base and put us in a better position to drive future full-price sales.

“We have started the new financial year with a much cleaner stock position and are now seeing green shoots emerge.

“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.

“Trading conditions will remain tough in the year ahead, but further operational efficiencies and a resolute focus on our core strengths and heartland customer will help to ensure we remain on the right track.”