New Look's turnover is up more than 4 % | RetailDetail

New Look's turnover is up more than 4 %

New Look's turnover is up more than 4 %

In the first quarter of its new fiscal year, British New Look has managed to increase its turnover by 4.3 %. Particularly its online sales performed well: that branch boosted turnover nearly 40 %.

Mobile sales up considerably

New Look's total turnover grew 4.3 % to 369.8 million pounds (515 million euro), with like-for-like turnover up 4.1 % compared to the year before. That 4.1 % is also exactly the same number as its turnover increase in its home territory, Great Britain.

 

Its online sales were the highlight of the past quarter, with turnover up 38.7 % on its own website. On partner sites, it still managed a 27 % turnover increase. Its mobile website even noted a 97 % increase in orders compared to a year ago and mobile sales now represent half of the total online turnover.

 

These excellent results helped push its EBITDA up 9 %, from 17.7 to 19.3 million pounds (27 million euro). Because of costs related to the Brait acquisition earlier this year, New Look did have to deal with a 73.7 million pound (103 million euro) net loss.

 

"These strong results demonstrate New Look’s ongoing progress during a quarter in which we have changed ownership and refinanced the business. Further UK sales growth is particularly encouraging, whilst our latest successful store openings in China ensure our expansion plans continue on track", CEO Anders Kristiansen said.

 

Stores with only men's fashion

New Look currently has 39 stores in China and has an equal amount planned for the upcoming 12 months. Among those, five stores will only sell men's fashion, after successful pilots in London for example.

 

"We are very proud of the improvements made to our offer over the past two years – the opening of menswear standalone stores will allow us to more fully showcase the enhanced quality of our product ranges", New Look's Chief Creative Officer, Roger Wightman, said.

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