New Look reports 3.4 percent revenue rise in FY15

Tuesday, 02 June 2015
REPORT For the 52 weeks to March 28, 2015, New Look reported revenues of over 3.4 percent at 1,414.5 million pounds (2,155.1 million dollars). New Look brand like-for-like sales increased over 4 percent, whereas like-for-like sales in UK were up over 5 percent. The company’s E-commerce sales rose 34  percent compared to 63.9 percent in 2014.  The group’s adjusted EBITDA increased 4 percent to 212.4 million pounds (323.8 million dollars).

On May 15, 2015, the group announced that an agreement had been reached whereby Brait will acquire a 90 percent interest in New Look. According to Anders Kristiansen, CEO, “These strong results demonstrate a year of delivery against our strategy. With the support of our new owners Brait, this is a hugely exciting time for New Look, as we continue to focus on our strategic initiatives of brand, multichannel, international expansion, product development and menswear.”

Group’s underlying operating profit went up 8.7 percent and its profit before tax was 50.6 million pounds (77 million dollars). Gross margin was broadly flat at 52.7 percent compared to 52.8 percent last year. The company operates 328 brand stores now in new concept format. While 291 stores were refurbished, New Look opened 37 new stores during the fiscal year. Mobile orders went up 115 percent with mobile accounting for 45 percent of all online visits. The group now trades through eleven key third party partners including ASOS and Zalando.

The company performed well in China with 19 stores trading at year end, and with new 11 store launches in April and May, the company now has 30 stores across the country with 70 in total planned by March 2016. International plans include European expansion in France, Poland and Germany supported by new store openings.

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