Earnings growth looks like a new chain fashion pushes forward turnover

  • Earnings growth looks like a new chain fashion pushes forward turnover
    Independent.t. E.
    New look has reported an increase in profits as it pushes ahead with radical plans to cut costs and appeal to a broader range of buyers.
    https://www.independent.ie/business/world/new-looks-profits-rise-as-fashion-chain-pushes-ahead-with-turnaround-37192000.html
    https://www.independent.ie/world-news/article37192009.ece/8ebf1/AUTOCROP/h342/ipanews_905dbce5-16bb-4fd2-aeff-52ea32b032c6_1

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New look has reported an increase in profits as it pushes ahead with radical plans to cut costs and appeal to a broader range of buyers.

During the 13 weeks ended June 23, the total income of New look fell 2.7 PC to $ 329.4 m, down from £338.7 million in the same quarter last year.

A like-new appearance of the brand, sales fell 4pc.

However, this was an improvement on the 8.2 the decline in PC recorded last year.

Adjusted earnings before interest, taxes, depreciation and amortization stabilized, the growth of 1.5 PC to £27,6 m.

Underlying operating profit rose from 12.1 million to £14.4 m, up 19pc.

The retailer said that the revenue growth was supported by savings.

New look pushes through a radical program of closing shop, although the company voluntary Agreement (CVA), leading to hundreds of jobs.

New look closes 70 stores as part of plans CVA, affecting about 1,000 jobs.

The retailer reached £70m of cost savings in the first quarter, and is looking for more savings in the coming months.

In order to help restore a retailer’s health, Alistair McGeorge, who was previously Executive Chairman between 2011 and 2013, is back in business.

Mr. McGeorge was to reduce prices in order to ensure that the new look may appeal to a broader range of consumers.

“How do we restore the wide popularity of our products, we were pleased to improve our market performance and enhance your client conversion rate. It shows the strength and resilience of our brand and the positive impact of the changes we are making,” said McGeorge said.

“Our plans are to continue turning, and we will deliver further operational efficiency, while maintaining our resolute focus on our strengths and heartland of the client to ensure that we are on the right track.”

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