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".
More than 180 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 las...
Canadean's "New Look Retail Group Limited : Retailing - Company Profile, SWOT & Financial Report" contains in depth information and data about the company and its operations. The profile contains a co...
New look is considered as one of the UK’s top value retailers for the under 35 year-olds, offering fast fashion-led collections at very affordable prices. New Look had over 600 stores in the UK as of ...
As the mind-set of the recession continues, women’s outerwear is responding by heavily promoting good value, with brands such as Primark, F&F, George, New Look, H&M and Sainsbury’s women’s Tu range, a...
Footwear continued to grow in 2012, up 3% in current value and 2% in volume terms in 2012. The Olympic rush and sporting upsurge partially drove footwear value sales in the UK and inflation on leather...
- China tightens on corporate social responsibility
- Marks & Spencer to extend mobile phone monitoring
- Tesco's H1 profit plunge: What the analysts say
- Asos FY profit drop: What the analysts say
- Mango continues on global growth trajectory
- Cambodia clothing factory collapse injures eight
- H&M and The North Face commit to responsible down
- Adidas "Reebok sale" would be admittance of defeat
- Collapsed Cambodia factory had structural issues
- Transparency boosts Cambodia factory improvements
- Ethiopia – the emerging textile and clothing industry
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Vietnam
- Wool in the 21st Century: new prospects for a familiar fibre