Online sales help New Look bag hike in profits

Fashion retailer New Look has seen its profits jump by more than a quarter as record online Christmas trading helped it overcome challenging conditions.

New Look: Sales hike. Picture: PA

Like-for-like UK sales were up 4.1 per cent in the seven weeks to 3 January, buoyed by “Black Friday”, “Cyber Monday” and Boxing Day. This offset the impact of the mild autumn, which left underlying sales 1 per cent lower for the three months to 27 December.

The chain said a return to more seasonal weather in January supported the planned clearance of winter lines and has enabled it to resume full price trading.

Overall, the firm – which runs 800 stores in 21 countries, including 569 in the UK – said pre-tax profits lifted 29.2 per cent to £63.3 million in the 39 weeks to 27 December.

Chief executive Anders Kristiansen said: “This is a robust performance against a challenging backdrop.”

He added that the company grew market share in the difficult October and November trading period and that the Christmas trading figures were testament to the investment made in its in-store and online offer.

New Look is owned by private equity groups Apax and Permira, as well as founder Tom Singh.