New Look reports Christmas cheer
Fashion retailer New Look eased fears of weak pre-Christmas trading on the high street today by reporting a rise of more than 8% in second-half sales.
The group, which was taken private in a £700m (€993.4m) deal in April, said the rise in same-store sales during the second half to December 18 matched its performance in the first-half.
The recruitment of more designers and changes to the supply chain to ensure stock reached its 522 stores faster were credited with helping to boost sales.
Among its clothing ranges, more than two million gilets were sold over the past two months, with jeans and miniskirts also among its best-sellers.
Details emerged as rival retailers counted their Christmas takings and prepared to update investors on their performance over the festive season.
Whispers that trading at clothing giant Marks & Spencer, which competes with New Look through its Per Una fashion brand, has been poor have already been flagged by analysts.
Like-for-like sales at M&S are estimated to have fallen by at least 10% in recent weeks, with other clothing retailers such as Alexon also believed to have fallen short of last year’s trading performance.
Sales growth at New Look in the second-half was in contrast to a 2% decline at the same stage last year when the group was distracted by the takeover campaign.
Weymouth-based New Look – the UK’s third-largest womenswear retailer – was taken private in April by founder Tom Singh.
Mr Singh, who set up the group in 1969, led the buyout with the backing of private equity houses Permira and Apax Partners.
In addition to its UK and Ireland stores, the company has 191 sites in France.
