New Look has returned to profitability after underlying operating profit came in at £33.2 million in the year to 30 March. This compares to a loss of £35.7 million in the previous year.
Revenue was down 3.8% which was in line with expectations. New Look said this was due to its focus on driving more profitable sales with fewer stores. Core like-for-like sales were down 1.6%.
New look has recently implemented a comprehensive restructuring. This has reduced its long-term debt and added £150 million of new capital.
New Look’s chairman Alistair McGeorge said the company has made good progress with its turnaround and is entering the new financial year in a stronger position.
