Home Business News New Look profits rise under ‘turnaround plans’

New Look profits rise under ‘turnaround plans’

by Purvai Dua
7th Aug 18 9:22 am

New Look has improved its market performance under the ‘turnaround plans’ and has reported an increase in profits.

For the 13 weeks ended June 23, high street retailer’s revenue fell by 2.7 per cent to £329.4m– down from £338.7m during the same quarter last year. However, underlying operating profit rose to £14.4m– up from £12.1m last year.

While its like-for-like sales were down 4 per cent, there was still an improvement on the 8.2 per cent decline recorded last year.

“As we recover the broad appeal of our product, we were pleased to improve our market performance and deliver better customer conversion rates. This shows the strength and resilience of our brand, and the positive impact of the changes we are making,” Alistair McGeorge, executive chairman said.

“Our turnaround plans continue, and we will deliver further operational efficiencies whilst maintaining our resolute focus on our core strengths and heartland customer to ensure we remain on the right track.”

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