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".
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
More than 220 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people in ...
Jigsaw product director Barbara Horspool has left the UK fashion retailer after two years in the role to join clothing and homeware retailer The White Company....
- US fashion firms share their sourcing strategies
- Cost biggest barrier to Bangladesh RMG remediation
- Bad sourcing blamed for pressure on retail margins
- Trump’s China tariff a self-serving sound-bite
- How apparel retailers should react to Brexit
- Ten key trends in apparel and footwear markets
- Bangladesh firm comes top in World Textile Awards
- Columbia rain jacket a milestone in sustainability
- Primark continues US expansion with third store
- $360m logistics investment to benefit Bangladesh
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in China – Market Summary & Forecasts
- Nike Inc in Apparel and Footwear (World)