New Look has reported an improvement in performance for its first half to September 22nd. Revenues had fallen by 4.2 per cent to £656.9 million, with like-for-likes down by 3.7 per cent but underlying profits had lifted to £22.2 million from £10.4 million. EBITDA rose from £24.2 million to £49.8 million. The retailer which has been operating under a CVA has reduced costs and will also close its 130 stores in China.
Executive chairman Alistair McGeorge said: “I am encouraged by our performance in the first half of the year, which reflects the progress we are making with our ongoing turnaround plans to rebuild our position in the UK womenswear market. Adding, “The significant cost savings which have been implemented are delivering improved profitability and we continue to see better performance in our new womenswear ranges.”
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