NEW LOOK RETAIL GROUP LIMITED (“New Look”) Third Quarter Results for the 39 weeks ended 27 December 2014
A robust performance underpinned by multichannel strength
Q3 Highlights*
| |
Q3 (YTD)
FY15 – 39 wks
(£m) |
Q3 (YTD)
FY14 – 39 wks
(£m) |
Change
% |
Q3
FY15 –13 wks
(£m) |
Q3
FY14 –13 wks
(£m) |
Change
% |
| Revenue |
1,113.5 |
1,082.1 |
2.9% |
399.9 |
406.6 |
(1.6%) |
| Adjusted EBITDA** |
192.6 |
186.2 |
3.4% |
76.8 |
78.9 |
(2.7%) |
| Underlying Operating Profit |
149.3 |
139.9 |
6.7% |
62.8 |
61.7 |
1.8% |
| PBT |
63.3 |
49.0 |
29.2% |
35.2 |
27.5 |
28.0% |
- New Look Brand LFL sales: YTD +3.6%; Q3 -1.7%
- New Look UK LFL sales: YTD +4.6%; Q3 -1.0%
- New Look E-commerce sales: YTD +33.1% (own website +28.1%); Q3 +28.6% (own website +25.2%)
- Strong Christmas trading. New Look UK LFL sales in the 7 weeks to 3 January 2015 +4.1%; E-commerce LFL sales +32.4%
- Successful disposal of Mim in November 2014
*from continuing operations, excluding Mim
**Earnings before interest, taxation, depreciation and amortisation
Current Trading and Outlook
The return of more seasonal weather in January has supported the planned clearance of winter lines as we resume full price trading. Whilst we remain watchful of the wider consumer environment, we remain confident in the strength of the New Look brand and we have seen a promising early response to our new ranges. As a Group we remain well positioned as we continue to deliver against our strategic initiatives of Brand, Global Expansion, Multichannel, Menswear and Product Development.
Anders Kristiansen, Chief Executive Officer, said:
“This is a robust performance against a challenging backdrop. Although October and November were affected by unseasonably warm weather, we grew market share in the period and our Christmas trading figures are testament to the quality of our product and the continued investment made in our multichannel offer, both in-store and online.
“It was a record online sales performance over the Christmas period with all channels well prepared for peaks in demand around Black Friday, Cyber Monday and Boxing Day. Mobile and tablet ordering overtook desktop for the first time on Boxing Day, whilst our high street presence came into its own as we handled a surge in demand for our Click & Collect and Order in Store offerings. Operationally, we performed well. We were able to extend final delivery dates before Christmas and we dispatched 60% more orders across the 3 weeks over Christmas than last year. Despite the heavily promotional environment, we maintained the level of full price sales on last year and grew gross profit margin.
“We now trade from 18 stores in China. We remain on target to have 20 stores in the country by year end and we have in place a strong development pipeline for the year ahead. Elsewhere, further openings in France, Germany and Poland leave our international expansion programme firmly on track.”
Enquiries
Tulchan Communications LLP
020 7353 4200
Tom Buchanan
Will Smith
About New Look
Founded in 1969, New Look has grown from a single store to become a dynamic, international, multichannel retail brand with a unique value-fashion offer in apparel, footwear and accessories for women, men and teenage girls. New Look is the No. 2 value retailer for women’s clothing and accessories market in the UK (source: Kantar Worldpanel for year to December 2014). The New Look Group has over 800 stores across the globe in 21 countries, and our estate of 569 UK stores places New Look in immediate reach of the majority of the British population.