New Look Sales and Profits Fall Despite Revamp

New Look is still suffering from falling sales more than a year after reaching agreement on a restructuring of its store estate, adding to fears about the health of the UK high street as the election campaign gets under way, the Financial Times reported. In the half year to September 28 the fashion retailer said same-store sales were down 7.4 per cent in the UK and Ireland, with a strong summer more than cancelled out by a poor September. Total sales in the core market of the UK and Ireland were down 13 per cent, partly because of the closure of 98 stores using a company voluntary arrangement. Conditions were tough for all retailers in September but executive chairman Alistair McGeorge said the decline also reflected the circumstances a year earlier. “We were having to run the business for cash just to stay alive so we maximised our sales but trashed our ebitda,” he said. Read more