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Good Results For New Look

By FashionUnited

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The total UK sales for New Look for the eight weeks to 22 November 2003 were 10.0 per cent higher than the corresponding period last year. Like for like sales were down 0.8 per cent and the gross margin was down 1.9 percentage points primarily due to the planned reinstatement of the mid season sale.

The encouraging start to the autumn season continued through to early November but has been offset by weaker trading in recent weeks reflecting generally more difficult market conditions.

Stephen Sunnucks, Chief Executive, New Look, commented: "I'm pleased to report good earnings growth for the first half which reflects our tight management of costs and margin, despite a challenging sales period. We have been encouraged by the positive response to our autumn/winter ranges, but trading conditions have been generally more difficult during the last few weeks. Overall we are making good progress with our strategy, which remains firmly on track."

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