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New Look has reported that its losses narrowed to £11.2m during its half year results despite “ongoing uncertainty” impacting sales.
The fashion retailer registered the statutory loss in the 26 weeks to 28 September compared with a loss of £41.9m in the same period last year.
Total revenues reached £523.8m as UK ROI like-for-like sales decreased by -7.4% “reflecting ongoing consumer uncertainty and seasonal volatility.”
The retailer also reported EBITDA of £43.6m.
Nigel Oddy, chief operating officer said: “The first half of this financial year has been incredibly busy for New Look as we focused on strengthening the operational foundations of the business.
“As we continue to recover the broad appeal of our product, our offer is now much improved as we focus on buying into successful trends quickly.”
Alistar McGeorge, executive chairman added: “We are reviewing our customer strategy, and, as I have said before, investing in our leadership and people will be the single biggest enabler to transforming our business.
“This time last year we were forced to trade for cash to meet our interest obligations and we lacked the financial stability needed to operate effectively and invest in the business.
“Now, with our financial restructuring complete, we are in an entirely different position, with a materially deleverage balance sheet, lower cash debt servicing costs and strengthened liquidity.”
