New Look promises return to profit
New Look, the debt-laden fashion chain, has vowed to return to profitability this financial year after it plunged to a £55m loss in 2011.
The retailer, which has more than 1,100 stores in 16 countries, has repaid £74m debt, slashed costs and improved profit margins by selling more clothing at full price over the past six months.
Alistair McGeorge, New Look's chairman since April last year, said: "For the full year, we are expecting to make a small profit. The will to win in this organisation is a world away from where it was 18 months ago."
But UK like-for-like sales fell 3.1 per cent over the half-year to 22 September. Over the next 18 months, Mr McGeorge expects New Look – which sells clothing ranges from the celebrity Kelly Brook – to refinance its net debt of more than £1bn.
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General Election 2015: Sturgeon claims Scots 'appalled' by Ed Miliband's refusal to work with SNP
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...