New Look kicks off new year with sales boost

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Debt-laden New Look has hailed an uplift in sales over Christmas, continuing the recent improvement in its performance.

New Look, which has debts of more than £1bn, said that its gross profit margins were also "significantly ahead of last year", which the retailer attributed to tight management of stock, lower markdown and less promotional activity.

The private equity-backed chain said UK like-for-like sales rose 3.7 per cent over the 14 weeks to 29 December. Meanwhile, the premium shoe retailer, Oliver Sweeney, hailed its Covent Garden store for helping deliver sales which were up by 5.3 per cent over the five weeks to 30 December.