New Look, a leading multichannel retailer operating in the value segment of the clothing and footwear market, announced net revenue of £830.1 million in third quarter (Q3) FY20 ended on December 28, 2019. This performance reflected reduced store base and reduced markdown activity, company reported. However, statutory loss before tax improved to £1.2 million.
New Look, a leading multichannel retailer operating in the value segment of the clothing and footwear market, announced net revenue of £830.1 million in third quarter (Q3) FY20 ended on December 28, 2019. This performance reflected reduced store base and reduced markdown activity, company reported. However, statutory loss before tax improved to £1.2 million.#
"We have delivered a robust third quarter performance given the tough market conditions, as we maintained good control over our stock and costs, reduced markdown activity, and our stores outperformed our target market," Nigel Oddy, chief executive officer, said in a press release.
New Look, a leading multichannel retailer operating in the value segment of the clothing and footwear market, announced net revenue of £830.1 million in third quarter (Q3) FY20 ended on December 28, 2019. This performance reflected reduced store base and reduced markdown activity, company reported. However, statutory loss before tax improved to £1.2 million.#
UK and ROI (Region of Interest) like-for-like (LFL) sales reportedly declined 7.1 per cent reflecting ongoing consumer uncertainty and seasonal volatility.
New Look, a leading multichannel retailer operating in the value segment of the clothing and footwear market, announced net revenue of £830.1 million in third quarter (Q3) FY20 ended on December 28, 2019. This performance reflected reduced store base and reduced markdown activity, company reported. However, statutory loss before tax improved to £1.2 million.#
New Look reported good stock control with 24 per cent reduction in units and improved product gross profit. Company successfully rebalanced the mix of Core Colours and Broad Appeal Fashion in the quarter. Core and Broad Appeal clothing categories represent 98 per cent of product mix vs 75 per cent trend and fashion last year.
New Look, a leading multichannel retailer operating in the value segment of the clothing and footwear market, announced net revenue of £830.1 million in third quarter (Q3) FY20 ended on December 28, 2019. This performance reflected reduced store base and reduced markdown activity, company reported. However, statutory loss before tax improved to £1.2 million.#
"Q4 will be characterised by early Spring trading in late February and March. We have confidence in our offering but remain cautious of the challenging market environment and consumer sentiment. Looking further ahead, our improved product range, enhanced lead times and omnichannel offer means we are well positioned as we focus on driving profitable sales," Oddy said.
ALCHEMPro News Desk (JL)
marketing@alchempro.com
