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New Look has swung to a £15m adjusted EBITDA profit in the first quarter of FY22, compared with losses of £16m in Q1 FY21.
The group reported that total revenue increased 181.7% year-on-year to £194.4m during the 13 week period ended 26 June 2021.
However, the fashion retailer also announced that total revenues plummeted 40.6% to £542.2m in the full year ended 27 March 2021.
Adjusted EBITDA in the 52-week period also declined from £132.2m in FY20 to £4.3m in FY21, skewing Q1 FY22’s year-on-year growth results.
The company completed a CVA and financial recapitalisation during the financial year, with a successful net debt restructuring in November 2020 reducing net debt from £443m to £72.3m.
Nigel Oddy, CEO at New Look, said: “Looking back at the prior financial year (FY21), I was pleased we delivered a resilient performance, despite the challenges presented by Covid-19 and the restrictions that meant our entire store portfolio was open for only seven weeks in the full year.
“Last year’s results are clearly not reflective of the health of the business as it stands here today. We are in a fundamentally stronger position following the successful recapitalisation and CVA.”
He added that the group will be able to capitalise on “a cohesive omnichannel model, conveniently located stores, and feel-good fashion” to drive “long-term and sustainable growth”.
