New Look posts 10.6 percent fall in Q3 like-for-like sales

For the 39 weeks ended December 23, 2017, New Look Group has reported 6.3 percent fall in revenue at 1,069.2 million pounds (1,494.2 million dollars). Group like-for-like sales declined 10.6 percent, while like-for-like sales in the UK were down 10.7 percent. Company-owned website sales dropped 15 percent, however third-party ecommerce sales improved by 21.9 percent.

Commenting on the third quarter trading, Alistair McGeorge, the company’s Executive Chairman, said in a press release: “As we expected, Q3 trading remained challenging, with sales and margins impacted by the high level of discounts. Our immediate priority is to exit the current financial year without excess stock. By entering FY19 with clean stock levels we will be in a good position to deliver a strong full price Spring/Summer offer.”

Adjusted EBITDA in the third quarter was 43.8 million pounds (61.2 million dollars) and underlying operating loss amounted to 5.1 million pounds (7.1 million dollars). The company said, loss before tax reached 123.5 million pounds (172.5 million dollars) during the quarter under review.

Picture:Facebook/New Look Fashion