After a tough year, New Look is recovering in the first quarter

Value Fashion Specialist New look On Tuesday, we announced the latest information on transactions and their annual financial results. [a] Resilience FY21 Performance “.

New look

Total revenue for the first 13 weeks from 2010 to June 26 increased by 181.7% from £ 194.4m in the same quarter of 2009. Your e-commerce revenue was up 3.8% compared to the first quarter of last year and up 43.3% compared to two years ago.

Adjusted EBITDA was £ 15m, while the previous first quarter loss was £ 16m.

Improved conversions and reduced price cuts “emphasize strong product performance as customers continue to re-engage with the brand across all channels.”

Meanwhile, according to Kantar Worldpanel, it took first place in the overall womenswear market share for ages 18-44 in the year ending March 27.

But not everything was good news, as it was a tough year interrupted by the company’s voluntary arrangements (CVA) and the need to recapitalize. However, this will be completed in November 2020 and will provide a “solid foundation for future growth”.

Revenues fell from £ 912.8m to £ 542.2m, reflecting the closure of Covid-19-related stores, so it’s clear why this move was necessary. However, online sales have increased by 69%, with more than 225 million visits and serving customers in 66 countries.

Adjusted EBITDA plunged from £ 132.2 million to £ 4.3 million, but pre-tax profit increased from £ 430.7 million pre-tax loss to £ 108 million. [the] CVA “.

Nigel Ody, CEO, said:

“We are focused on improving profitability and as our customers react positively to our spring / summer range, we are happy with the list priced sales we are currently producing in-store and online. The weather is warm. Seasonal products, especially dresses and sandals, performed well, and we were particularly pleased to maintain the momentum of e-commerce, and despite the strong comparisons from the previous year, the stores opened. Since reopening, sales have increased year-on-year.

“Customers are returning to our brand. When they come back, especially when shopping both in stores and online, they clearly like what we have to offer.

“Last year’s results clearly do not reflect the health of the business, as it is here today. We are in a fundamentally strong position after a successful recapitalization and CVA.”

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After a tough year, New Look is recovering in the first quarter

Source link After a tough year, New Look is recovering in the first quarter

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