New Look has slipped into the red after notching up a pre-tax loss of £1.8m for the year to March 29.

The fashion retailer recorded a profit of£5.7m the previous year, according to accounts filed at Companies House.

Financing costs in the year increased to£146m over the year, up from£105.4m the previous year.

In the 2002/03 year – the retailer's last year as a public company – New Look made a pre-tax profit of£85.2m.

Like-for-like sales fell 2.8 per cent over the year to the end of March, on total sales up 14.3 per cent to£1.17bn, boosted by a 53rd week, which added£12.2m of sales. EBITDA jumped 13.6 per cent to£200.6m.

The company paid a "monitoring fee" of£150,000 to its private equity backers Apax and Permira.

Last month the retailer revealed that UK like-for-like sales grew 2.8 per cent over the 14 weeks to January 3. Total group sales soared 14.5 per cent.

As revealed by Retail Week, the retailer is relocating its head office from Weymouth to London in a bid to become a global fashion retailer.

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