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New Look sees improvement in profit across womenswear

Jun '19
Pic: New Look
Pic: New Look
New Look, a leading UK multi-channel retailer, has witnessed improvements in year-on-year profitability across key womenswear categories in the fiscal 2019, with some remaining challenges being addressed particularly footwear and accessories. Further, the brand has maintained second position in the womenswear market share for age group between 18 and 44.

The brand's e-commerce strategy focused on profitable sales improving e-commerce underlying operating profit by 78.2 per cent to £21.2 million during fiscal 2019. Click and Collect and e-commerce returns options continued to drive footfall into stores. It launched ‘order in store, collect in store’ and photo search functionality, further enhancing customer experience.

“We have achieved a remarkable amount over the past year, delivering on our aim to achieve financial and operational stability. We have made progress in recovering the broad appeal of our product and have delivered year-on-year improvements in profitability across key areas. Our e-commerce and store businesses are now working together better than ever, and we are starting to see the benefits of improved speed to market," Alistair McGeorge, executive chairman, said.

During fiscal 2019, New Look posted revenue of £1,239.0 million, in line with expectations given focus on driving more profitable sales and fewer stores. Significant progress was made to deliver financial and operational stability, despite the challenging retail environment.

“We recognise that the past year has been incredibly challenging for our colleagues, investors, suppliers, creditors and other stakeholders. We are grateful for their continued support, and I particularly want to thank those colleagues who left the business for their contribution during their time here," added McGeorge.

“We expect the retail environment to remain as challenging as ever in the year ahead, with continued Brexit uncertainty and unseasonable weather impacting current trading. However, we will continue to focus on what is in our control by further enhancing profitability through our fantastic product; building brand equity and grasping new market opportunities. As New Look celebrates its 50th anniversary this year, I remain confident in the strength and appeal of the New Look brand, which I expect to continue to thrive in the years ahead," McGeorge explained. (RR)

Fibre2Fashion News Desk – India

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