Belfast Telegraph

New Look's profits fall by over 37%

By Ravender Sembhy

Profits at New Look dived in the third quarter, with the retailer pointing to an "extremely challenging" market and warning of more pain ahead.

Pre-tax profit slumped 37.6% to £30.1m in the three months to Christmas Eve, with UK like-for-like sales falling 4.7%.

Chief executive Anders Kristiansen said: "The UK market has continued to be extremely challenging, with reduced footfall and a highly promotional environment on the high street, resulting in a disappointing like-for-like sales performance.

"Despite this, total sales for the quarter were level as a result of good performances outside the UK, online and in menswear, proving that our strategy of diversification is the right one for our business. It remains key to our growth to continue to diversify our offer and to invest in our priority international markets."

The group said it expected the challenging conditions to persist into 2018.

Belfast Telegraph