Profits up at New Look as Northern Ireland shops escape cull
New Look, which has 26 stores in Northern Ireland, has reported an increase in profits as it pushes ahead with radical plans to cut costs and appeal to a broader range of shoppers.
For the 13 weeks ended June 23, New Look's total revenue fell by 2.7% to £329.4m, down from £338.7m during the same quarter last year.
New Look brand's like-for-like sales were down 4%. However, this was an improvement on the 8.2% decline recorded last year.
Adjusted earnings before interest, tax, depreciation and amortisation stabilised, rising 1.5% to £27.6m. Underlying operating profit increased from £12.1m to £14.4m, up 19%. The retailer said the rise in earnings was supported by cost savings. New Look has been pushing through a radical store closure programme through a Company Voluntary Arrangement (CVA), leading to hundreds of job losses.
New Look is shutting 70 stores as part of the CVA plans, affecting close to 1,000 jobs. None are in Northern Ireland.
The retailer has achieved £70m of cost savings in the first quarter, and is looking for more savings in the months ahead.
New Look plans to shut 70 stores across the UK