Fashion retailer New Look has announced Wednesday morning, they have moved in to the black in their year-to-year results. Revenue took a huge hit of £1.02bn in the nine months to 22 December to 5%.
The retailer posted underlying operating profits of £38.5m, an improvement from the previous year as the retailer posted losses of £5.1m.
Alistair McGeorge executive chairman of New Look said, “Today’s results show that we continue to make good progress in delivering improved operational and financial stability despite the challenging retail environment.
“Our return to broad appeal product continues to enhance profitability, our supply chain lead-times have improved, and we have exceeded our planned cost savings. However, we have more work to do and our focus is now on accelerating our turnaround plans.
“Central to this is finalising our financial restructuring, which will secure the future and long-term profitability of the company. The proposed restructuring has provided our colleagues and suppliers with renewed confidence, which will benefit the company at every level.
“The right capital structure and a materially deleveraged balance sheet will provide us with the financial flexibility to better attack our future amid challenging market conditions.
“Upon completion of the restructuring, our focus will be to further enhance profitability by continuing to provide fantastic product for our customers, building brand equity and grasping new market opportunities.”