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New Look reports 4.4 percent drop in Q1 revenues

For its first quarter, New Look Group reported revenue decline of 4.4 percent to 338.7million pounds (441 million dollars) against 354.2 million pounds (461 million dollars), in the same quarter last year. The company said, New Look brand like-for-like sales declined 8.2 percent, while UK like-for-like sales were down 7.5 percent.

Commenting on the first quarter trading, Anders Kristiansen, the company’s Chief Executive said in a media release: "As expected, the UK market has remained difficult, which has resulted in a disappointing quarter of trading. The evolution of our product proposition continues, and will be bolstered by the arrival of our new Chief Creative Officer, Paula Dumont Lopez, in September. We are pleased with our continued expansion in China, where we opened another 17 stores taking the total number to 127.”

Sales at the New Look’s own website dropped 0.6 percent, while third party e-commerce sales rose 15.7 percent. Adjusted EBITDA for the quarter was down 37.3 percent to 27.2million pounds (35 million dollars) compared to 43.4million pounds (56 million dollars) in Q1 2017. Underlying operating profit declined 60.3 percent to 12.1million pounds (15 million dollars) against 30.5 million pounds (39 million dollars) last year.

Picture:New Look