UK: Online and overseas drive New Look Q3 profit hike
- Q3 underlying operating profit jumped 22.3%
- Group revenue rose 5.6% to GBP1.21bn
- Christmas revenues up 5%
UK value fashion retailer New Look has recorded a double-digit hike in third-quarter earnings, driven by strong online growth and higher Christmas sales.
The company today (11 February) said underlying operating profit reached GBP135.7m (USS$222.8m) for the first 39 weeks of fiscal 2014, up 22.3% from GBP111m in the same period last year.
Group revenue rose 5.6% to GBP1.21bn from GBP1.14bn, while like-for-like sales climbed 1.1% and brand like-for-like sales were up 1.7%. Online sales, meanwhile, jumped 65.6%.
CEO Anders Kristiansen said: "We are pleased with our performance in a difficult quarter.
"Growth was once more driven by a particularly strong e-commerce performance - both from our own site and from third parties - and our New Look international business turned in a commendable performance, up 7.2% in the period."
During the Christmas trading period, underlying profit was flat at GBP64.8m, while revenue increased 5% to GBP452.1m from GBP430.5m last year.
The company said it is on track to open its first stores in Shanghai and Beijing during the spring, with further stores set to open during the course of the year.
Although New Look remains optimistic about the year ahead, with further growth opportunities in the UK and overseas, the group noted it remains "watchful of the pace of economic recovery".
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