Kimono-style tops help New Look to have top spring
Published 13/08/2014 | 09:09
New Look has hailed a "terrific" set of results as it made the most of key summer trends such as kimono-style tops and printed trousers. The fashion chain reported a jump in quarterly like-for-like sales of 11.6% in the UK, where it has 576 stores, and a rise of 8.9% across the group.
It said it was particularly pleased with the way it capitalised on summer's key trends, having sold 40,000 kimonos a week across its 1,100-strong stores during the 13 weeks to June 28.
Chief executive Anders Kristiansen said: "These are terrific results which have exceeded our expectations, driven by the fact that we hit key trends effectively."
He added that the positive customer reaction to its ranges meant it was able to maximise full price sales. Operating profits for the quarter were 18.8% higher at £59.4m, while revenues rose 8.1% to £392.5m.
New Look is owned by private equity groups Apax and Permira, as well as founder Tom Singh. It was to list on the stock market in 2010, but shelved that plan amid turmoil in the financial markets.