REPORT New Look has announced that its first quarter saw strong trading across the business, with revenue up 4.3 percent to 369.8 million pounds (576 million dollars). Like-for-like sales increased 4.1 percent. UK like-for-like sales were up 4.1 percent and website sales increased 38.7 percent. Sales through third party platforms increased 27 percent.
Commenting on the first quarter results, Anders Kristiansen, Chief Executive Officer, said, “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.”
Adjusted EBITDA increased 2 percent and underlying operating profit was up 6.8 percent. Profit before tax adjusted for the non-recurring exceptional transaction and refinancing costs increased 9 percent. The company plans to open five menswear standalone stores for this year following positive response its latest product and store concept. After positive first year, the company witnessed continued growth in China.