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FY15 revenue climbs 3.4% at UK retailer New Look
05
Jun '15
For the 52 weeks period ended March 28, 2015, revenue at UK based apparel retailer New Look climbed 3.4 per cent year over year.

A New Look press release informed that its revenue for fiscal 2015 grew 3.4 per cent to reach £1,414.5 million as against £1,368.0 million in the previous fiscal.

Within overall revenue, New Look brand like-for-like sales rose 4.0 per cent over fiscal 2014, while UK like-for-like sales ascended higher at 5.0 per cent.

However, ecommerce sales surged 34.0 per cent in the reporting fiscal, while its own website sales soared 30.4 per cent from the earlier fiscal.

For the 52 weeks period, adjusted EBITDA totaled £212.4 million, up 4.0 per cent compared to £204.2 million in fiscal 2014.

Underlying operating profit was higher at 8.7 per cent and reached £153.2 million in the fiscal under review from £141.0 million in the previous fiscal.

The women’s apparel retailer’s profit before tax more than doubled to £50.6 million in fiscal 2015 as against £20.7 million in the last fiscal.

New Look reported free cash flow of £147.0 million, higher by 1.1 per cent compared to £145.4 million in fiscal 2014.

Gross margin was broadly flat at 52.7 per cent in the reporting fiscal as against 52.8 per cent from the previous fiscal.

During the fiscal, it recorded strong progress in its new concept store format and refurbished 291 outlets and also opened 37 new stores.

New Look said it is now trading successfully through eleven key third party partners including ASOS and Zalando.

According to New look, the Chinese business too posted strong performance in its first year of trading. It had 19 stores trading at fiscal end, after which it opened 11 additional stores in April and May.

On its outlook, New Look informed that whilst the high street remains as competitive as ever, it has been pleased with early summer trading, seeing positive reactions to new trends.

“We will continue to invest in our strategic initiatives, and we are confident that the increasing strength of the New Look brand leaves us well placed for the year ahead,” the retailer observed.

CEO Anders Kristiansen said, “In the UK, a LFL sales increase of 5.0 per cent is testament to our improved brand signature and multichannel strength.”

“In particular, our considerable high street presence has left us well-placed to capitalise on the growing demand for click-and-collect, with over a quarter of online purchases now collected in-store,” he added.

Founded in 1969, the New Look Group has over 800 stores across the globe in 21 countries and its 569 UK stores places New Look in immediate reach of the majority of the British population. (AR)

Fibre2fashion News Desk - India

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