New Look hit by mild weather

Unseasonably mild autumn weather has hit trade at fashion retailer New Look, which said yesterday that chief financial officer Alastair Miller is to stand down after 13 years in the role.

A mild autumn may have hit sales after the summers heatwave-driven success but New Look is hoping to wrap up a profitable festive season

July’s heatwave helped like-for-like sales in the UK rise 2.6 per cent for the six months to 28 September, propelling the chain to a first-half profit of £13.8 million, compared with a £13.6m loss a year earlier. Sales through its own website jumped 52.9 per cent, with wider e-commerce sales up 78.8 per cent, including trade through third parties such as fashion website Asos.

Chief executive Anders Kristiansen said the firm, which is owned by founder Tom Singh and private equity groups Apax and Permira, was still optimistic despite the slow start to the all-important festive period, which has seen lower than usual sales of coats, jumpers and boots since the start of October.