New Look became the latest store to fall victim to the high street crisis, after its worrying performance was exposed in its full year report on Tuesday.
New Look reported an underlying operating loss of £74.3 million for the full year period ending March 24th, compared to last year’s profit of £97.6 million. Even that was down from £174.7 million the year prior.
New Look’s UK sales plunged 11.7 per cent on a like-for-like basis, and website sales dropped by 19 per cent.
“Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance,” executive chairman Alistair McGeorge said.
“Since November, we have focused on making the necessary changes to get the company back on track and reconnect with our customers.
“Our turnaround plan is now well underway, and we have already made substantial operational improvements to help stabilise the business, reduce our fixed cost base and put us in a better position to drive future full price sales.”
New Look has been on the high street since 1969, but has struggled in the recent climate to keep up with online-only stores. The group announced a series of store closures several weeks ago, and as part of its plan is aiming to sell 80pc of its clothes for under £20.
