Amid a ‘very difficult year’
Facing a “very difficult” year, high street retailer New Look has reported a massive £234m annual loss. This comes just months after announcing 60 store closures across Britain.
The fashion retailer reported an operating loss of £74.3m for the year to March 24, having made £97.6m profit in the previous year. Website sales have also slumped by 19.2 per cent.
Alistair McGeorge, New Look’s executive chairman, said: “Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.
“Trading conditions will remain tough in the year ahead, but further operational efficiencies and a resolute focus on our core strengths and heartland customer will help to ensure we remain on the right track.”
Meanwhile, New Look is reportedly slashing prices to turn around its sales. According to the BBC, the retailer wants 80 per cent of its clothes to sell for less than £20.