New Look posts strong annual results as it expands its market internationally
UK fashion retailer New Look saw its full-year revenues and profits increase despite a competitive high street market.
Revenues rose 3.4% year-on-year to £1.4bn from £1.37bn, supported by an increase in like-for-like sales by 4%, despite a continuing competitive environment in the high street. Profits before tax more than doubled to £50.6m from £20.7m.
The company enjoyed a 34% jump in e-commerce sales during the year, while website sales rose 30.4%, with mobile shopping more than doubling.
The retailer has agreed to a £780m takeover by Brait, the private equity vehicle of South African retail tycoon Christo Wiese.
New Look said it plans to work together with Brait to optimise its capital structure to reduce costs and extend maturities.
Meanwhile, the London-listed group expanded its market into China with 19 stores by the end of the trading year and expecting to have a total of 70 by March 2016. It also opened new stores in France, Poland and Germany.
Chief executive Anders Kristiansen said the new ownership represents an exciting time for the brand.
"Our considerable high street presence has left us well-placed to capitalise on the growing demand for click-and-collect, with over a quarter of online purchases now collected in-store."
Looking ahead, the company added its spring/summer collections are being well received with positive reactions to new trends.