New Look profits decline as first-quarter sales slump
New Look has recorded a decline in profits exacerbated by falling sales, but has said that current trading is showing green shoots of growth.
The fashion retailer posted a 29% fall in core adjusted EBITDA year on year to £23.5m in the 13 weeks to June 29.
On a statutory basis, the retailer’s pre-tax losses narrowed to £2.7m from £15.5m during the same period the previous year, which it attributed to the debt restructure it completed in May.
New Look’s overall revenue fell 14% during the period to £258.3m, while like-for-likes dropped 10.1%, which the retailer attributed to “highly unseasonable weather and ongoing consumer uncertainty”.
Already have an account? Sign in here
