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.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 4 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 5 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...