NEW LOOK RETAIL GROUP LIMITED ("New Look") Results for the 13 weeks ended 25 June 2016
We continue to execute our long term strategy through a challenging Q1
Headlines
- Revenue -4.2% to £354.2m (Q1 FY16: £369.8m)
- New Look Brand like-for-like sales -6.6%
- UK like-for-like sales -7.0%
- Own website sales +9.0%
- 3rd Party E-commerce sales +28.7%
- Adjusted EBITDA -29.0% to £43.4m (Q1 FY16: £61.1m)
- Underlying operating profit -35.5% to £30.5m (Q1 FY16: £47.3m)
- Profit before tax £2.7m (Q1 FY16: Loss before tax £73.7m*)
*including non-recurring exceptional transaction costs of £93.0m relating to the Brait acquisition and bond refinancing
Anders Kristiansen, Chief Executive Officer, said:
"We continued to manage the business for long term growth in what was a tough quarter, with unfavourable market conditions impacting high street footfall. Nonetheless, we remain confident in our proven strategy, and we delivered a strong cash position with inventories held tight.
"We continued targeted investment across our strategic initiatives, particularly in Menswear and in China. Menswear sales are up 21% as we continue to roll out our standalone stores and deliver a stronger product offer, while in China we launched on JD.com and opened 9 new stores in the quarter, taking us to 94 in total."
Tulchan Communications LLP
James Macey-White
Will Smith
020 7353 4200
About New Look
New Look is an international multichannel retail brand, offering exciting, on-trend, value-fashion for women, men and teenage girls, and is the UK’s No. 1 retailer for women under 35*.
Our long term business strategy comprises of initiatives spanning Brand, Multichannel, International Expansion, Product Development and Menswear.
We have 852 stores, comprising 578 in the UK, and a further 274 globally. We also have a fast-growing e-commerce offering, serving over 120 countries worldwide, supported by convenient delivery options.
Our flexible fast-fashion business is built on an agile global supply chain with the ability to respond quickly to trends. We focus on delivering value for money and 'newness', with hundreds of new lines landing every week. Our ranges of apparel, footwear and accessories are designed with broad age appeal and global relevance. They are delivered by our great people in stores and support centres, who ensure we deliver great service - wherever, whenever and however customers choose to engage with us.
* Kantar WorldPanel data 24 w/e 5 June 2016 (by value)