UK: New Look first quarter profits surge
- Q1 EBITDA grew 13.1%
- Group sales increased 4.9%
- Like-for-like sales climbed 0.3%
UK clothing retailer New Look has seen first quarter profits surge despite cold weather chilling full-priced sales early in the period.
The company today (13 August) said that EBITDA grew 13.1% over the quarter ended 29 June, as group sales increased 4.9%.
Like-for-like sales increased 0.3%, while New Look brand like-for-like sales increased 1%. Online sales surged 78.7% over the quarter.
"We are very encouraged by New Look's robust trading performance in the period, in spite of the coldest spring for 50 years," said CEO Anders Kristiansen.
"Our disciplined attitude to cost and stock management has enabled us to make further strong progress in a difficult and volatile trading environment. We are confident that the improvement to our ranges, the refurbishment of our stores and our growing online strength will underpin further progress."
The company also said it has seen a "strong start" to the second quarter and has been well positioned to take advantage of the better weather, achieving a more favourable sales mix with a higher proportion of full price sales and a reduced number of markdowns.
"Looking ahead, we remain cautious on the outlook for consumer spending, but are confident in our ability to continue to make progress as a result of our excellent ranges, our on-going store transformation programme and our continued growth in e-commerce," the company said.
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