New Look bounces back into profit
Fashion retailer New Look has bounced back into profit after a turbulent year and unveiled plans for a rapid opening programme in China.
New Look also hailed its refinancing last month via a bond offering which pushed out the maturity on its £1.1 billion net debt to 2018 and reduced the high-interest payment-in-kind notes element of this amount by half.
The retailer, which has more than 1100 stores globally, posted a pre-tax profit of £3.1 million over the 53 weeks to March 30, after a calamitous loss of £54.5 million the previous year. However, this level of profit still leaves it a country mile behind rivals Next, Marks & Spencer, Debenhams and Arcadia, the group behind Topshop and Topman.
New Look chairman Alistair McGeorge, who joined in 2011, said the improvement had been driven by reducing costs, selling more items at full-price and better sales at refurbished stores. He said: “If you go back two years, people were incredibly sceptical about whether New Look would survive and our ability to refinance.”
New Look, which has 590 UK shops, plans to open its first store in Beijing or Shanghai in March and will follow this with up to 25 in the world’s most populous country inside the first year.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
- 3 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 4 Friends 20th anniversary: Six things we wouldn't have without influential comedy series
- 5 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Scottish independence referendum results: David Cameron pledges plans for 'English votes for English laws' by January
Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
Scottish referendum results: David Cameron set to unveil major devolution of powers to England
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...