New Look‘s sales tumble due to "tough trading conditions"
High street veteran New Look has revealed that its total revenue dropped by 8.9% from £816.9 million to £735.4 million for the year ending 30 March 2024.
New Look, the British fashion retailer founded in 1969 by Tom Singh, is known for its value women's clothing, footwear and accessories.
The company’s gross margin was 48.7%, compared to 44.9% the year prior, due to "considered price increases and a higher mix of full-price sales in the current year".
Adjusted EBITDA decreased to £46.6 million following a reduction in year-on-year sales and statutory loss before tax was £3.6 million compared to £10.8 million the year prior.
The company blamed its revenue decrease and widening losses on "inflation continuing to drive higher costs" and "unseasonable weather".
Despite the dip in sales, the company saw positive results from its online platform. Here, New Look served customers in 53 countries, with over 246 million site visits (up from 235 million).
Looking ahead, New Look plans to “focus on affordable fashion” to ensure it has the “right proposition” for the current economic environment.
In order to inspire "that New Look feeling" and get back on track, the retailer aims to deliver its strategy through five key strategic pillars: Feel Good Fashion, Easy & Inspiring Experience, A Brand that Uplifts & Unites, Kind to Our Core, Fit for Change.
