New Look reveals 11.4 percent drop in annual like-for-like sales

For the 52 weeks to March 24, 2018, revenue at New Look Group dropped 7.3 percent to 1,347.8 million pounds (1,800 million dollars). New Look brand like-for-like sales were down 11.4 percent, while UK like-for-like sales declined 11.7 percent. The company’s website sales also declined 19.2 percent, while third party ecommerce sales were up 15.5 percent. Adjusted EBITDA loss for the year of 10.7 million pounds (14 million dollars), which includes 34.2 million pounds (45.6 million dollars) of one-off costs and underlying operating loss was 74.3 million pounds.

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“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 underway, 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,” said Alistair McGeorge, New Look’s Executive Chairman in a media statement.

The company said in a statement that as a part of its turnaround plan, significant progress has been made to deliver financial and operational stability that will be reflected in FY19 and beyond.

Picture:Facebook/New Look