Money: New Look sales slump but turnaround on track - PressFrom - United Kingdom
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MoneyNew Look sales slump but turnaround on track

12:46  11 september  2019
12:46  11 september  2019 Source:   msn.com

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Troubled high street retailer New Look has slumped to a £234m annual loss but says its turnaround is on track as it seeks to switch focus from edgy fashion to offer basic cheaper clothes. New Look 's results also showed an 11.7% fall in UK sales , underlining the difficulties facing the business after it

Troubled high street retailer New Look has slumped to a £234m annual loss but says its turnaround is on track as it seeks to switch focus from edgy fashion to offer basic cheaper clothes. New Look 's results also showed an 11.7% fall in UK sales , underlining the difficulties facing the business after.

New Look sales slump but turnaround on track © Yui Mok Fashion chain New Look posted a 10.1% fall in sales for the 13 weeks to June 29 (Yui Mok/PA)

High street fashion chain New Look was the latest retailer to suffer due to the poor weather in May and June, with bosses revealing a slump in sales.

Like-for-like sales fell 10.1% in the 13 weeks to June 29, although losses before tax fell to £2.7 million, compared with a £15.5 million loss in the same period a year ago.

Bosses also pointed out that in the eight weeks to August 24 like-for-like sales rose 2.2% as the weather improved.

A major factor in reducing losses was an overhaul of New Look’s debt pile, with a debt-for-equity deal agreed with bondholders in May.

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But importantly, sales in its home market fell just 1.1 per cent, a significant improvement on the 4.6 per cent fall a year earlier. The fierce pricing war underway with discounters Aldi and Lidl saw profits fall from £543 million to £166 million in the first half. Overall group profits dropped 55 per cent to £354

Troubled high street retailer New Look has slumped to a £234m annual loss but says its turnaround is on track as it seeks to switch focus from edgy fashion to New Look ’s results also showed an 11.7% fall in UK sales , underlining the difficulties facing the business after it earlier this year agreed a rescue

The agreement saw £1 billion wiped from the company’s debts following several years of crippling interest payments.

New Look sales slump but turnaround on track © Getty

Executive chairman Alistair McGeorge was upbeat about the next steps to recovery, despite admitting that “trading was marked by continued consumer uncertainty and, being a seasonal business, we were clearly not immune from what has been the most unseasonable May and June on record, impacting footfall across the retail sector”.

He added: “Despite these challenges, we maintained good control of our stock, cash position and costs. I am pleased our recent trading shows that we have delivered positive LFL sales performance and we have outperformed the market.”

Focus will now turn to improving supply chains, upgrading smaller stores and hiring more people, following the appointment of a new chief operating officer, Nigel Oddy, and four non-executive board members.

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But importantly, sales in its home market fell just 1.1 per cent, a significant improvement on the 4.6 per cent fall a year earlier. The fierce pricing war underway with discounters Aldi and Lidl saw profits fall from £543 million to £166 million in the first half. Overall group profits dropped 55 per cent to £354

A sales slump can quickly spiral out of control. Learn what to do before your bad month turns into a bad A sales slump can quickly spiral. When a rep is struggling, customers can hear the desperation in their If you have formulated a turnaround plan of your own, run it by your manager to get their

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Mr Oddy said: “We are transforming our attitude to buying and are fully focused on buying into successful trends quickly, supported by an improved supply chain.

“We have also made good progress with our omnichannel strategy and are now seeing record levels of Click & Collect orders.

“Having visited many stores across the country during my first six months with the business, it is clear to me that New Look’s localness – the breadth of our estate and the convenient locations of our stores – is an inherent strength for us to leverage.”

The former House of Fraser chief executive added that concessions have also been introduced into some bigger stores and a new chief customer officer has joined.

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