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New Look Full-year sales plummeted, but are recovering

New Look reported that full-year revenues plummeted after a boulevard retailer was hit hard by the store closure during a pandemic, but sales were significantly higher in the first quarter of the fiscal year. I have recovered.

Revenue for the year ending March 27 was £ 542.2m, down 40% from £ 912.8m in the previous year. This decline was slightly offset by strong growth in online sales. Online sales surged 69% annually.

Regarding the decline in sales, CEO Nigel Ody said the results “do not clearly reflect the health of the business here today,” following the success of the capital increase and the last CVA launched. He said he was in a strong position. Year.

The company posted a statutory profit of £ 108m compared to a pre-tax loss of £ 430.7m in the previous year. Meanwhile, adjusted EBITDA decreased from £ 132.2 million in the previous year to £ 4.3 million.

The company was able to reduce its net debt from £ 443m in the previous year to £ 72.3m.

NewLook sales recover this quarter

In the 13 weeks to June 26, New Look revenues increased 181.7% year-on-year to £ 194.4m, with adjusted EBITDA compared to a loss of £ 16m year-on-year. It was £ 15m.

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

“There is no doubt that the pandemic has accelerated structural changes in the market and the situation in the retail industry has changed permanently,” said Ody.

“NewLook has a great opportunity to take advantage of it. A combination of cohesive omni-channel models, convenient stores and affordable and comfortable fashion to achieve long-term and sustainable growth. You can be in a strong position. “

New Look Full-year sales plummeted, but are recovering

Source link New Look Full-year sales plummeted, but are recovering

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