New Look posts operating loss as UK sales fall

File photo  of a branch of New Look on Oxford Street, central London, as the fashion chain has reported an operating loss of �74.3 million for the year to March 24. PRESS ASSOCIATION Photo. Issue date: Tuesday June 12, 2018.  Photo: Yui Mok/PA Wire
File photo of a branch of New Look on Oxford Street, central London, as the fashion chain has reported an operating loss of �74.3 million for the year to March 24. PRESS ASSOCIATION Photo. Issue date: Tuesday June 12, 2018. Photo: Yui Mok/PA Wire
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New Look has reported an operating loss of £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.

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