New Look posts operating loss as UK sales fall
New Look has reported an operating loss of Â£74.3 million for the year to March 24, with UK sales falling by 11.7% on a like-for-like basis.
Alistair McGeorge, New Look’s executive chairman, said: “Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.
“We still have more work to do to restore long-term profitability, but I am confident we are now better placed to achieve this than we were when I returned to the business over six months ago.”
The retailer’s website sales slumped by 19.2%, and it was hit with a £34.2 million one-off cost, which included a hit from stock clearances.