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IREU Top500 The Customer Report: 2018

IREU Top500 The Customer Report: 2018

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New Look reports fast first-quarter online and mobile growth

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M-commerce orders via New Look's dedicated mobile site grew by 97% in the first quarter of its financial year, the fast fashion retailer said today. Mobile traffic now accounts for 50% of website traffic.

The growth came as online sales through the fast fashion retailer's own website grew by 38.7% in the 13 weeks to June 27, compared to last time, and sales through third-party websites by 27%.

Overall, New Look revenue hit £369.8m over the period, 4.3% up on the same time last year. New Look brand sales and UK sales rose by 4.1% on a like-for-like basis. The company reported top line pre-tax profits of £19.3m, 9% up on the same time last year. But the £93m cost of refinancing and transaction expenses related to its acquisition by Brait meant a bottom-line pre-tax loss of £73.7m.

The company said it planned to open five standalone menswear stores this year after seeing a good response to concept stores. In China, it reported a "successful" first full year of trading, in which it opened 39 stores and now plans to open 40 in the year ahead.

Chief executive Anders Kristiansen said: “These strong results demonstrate New Look’s ongoing progress during a quarter in which we have changed ownership and refinanced the business. Further UK sales growth is particularly encouraging, whilst our latest successful store openings in China ensure our expansion plans continue on track.

“Whilst the consumer environment remains unpredictable, we continue to manage the business accordingly.”
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