NEW Look has hailed a “terrific” set of first-quarter results after making the most of this summer’s trends, such as kimono-style tops and printed trousers.
The fashion chain also revealed that it h as received a takeover approach for its loss-making French business Mim as quarterly like-for-like sales jumped 11.6 per cent in the UK, where it has 576 stores.
Chief executive Anders Kristiansen said the retailer was “particularly pleased” with the way it capitalised on the summer’s key trends, having sold 40,000 kimono-inspired items a week across its 1,100-strong store estate in the 13 weeks to 28 June.
He added: “These are terrific results which have exceeded our expectations.”
Operating profits were 18.8 per cent higher at £59.4 million, while revenues rose 8.1 per cent to £392.5m.
New Look, which is owned by founder Tom Singh and private equity firms Apax and Permira, had planned to list on the stock market in 2010, but the move was shelved amid turmoil in the markets.