Struggling fashion chain New Look sees losses narrow after shake-up

by

Struggling fashion chain New Look sees losses narrow after shake-up despite another fall in sales

By Daily Mail City & Finance Reporter

Published: | Updated:

Struggling fashion chain New Look has narrowed losses despite another fall in sales.

It lost £1.2million in the first nine months of the financial year, compared with £63.2million in the same period a year earlier. 

But sales fell 7.1 per cent on a like-for-like basis and revenues tumbled 11 per cent to £830.1million after it closed stores and reined in discounting.

Fashion chain New Look lost £1.2m in the first nine months of the financial year, compared with £63.2m in the same period a year earlier

New chief executive Nigel Oddy, who took the helm last month, said: ‘We have delivered a robust third-quarter performance.’

He put faith in a management reshuffle to help drive a sales recovery, having appointed the likes of former Bonmarche boss Helen Connolly as chief commercial officer.

Other hires include Clare Dobbie as chief customer officer last month, Emma Hayward as transformation director in November and David Wertheim as central merchandising and supply chain director in October.

‘Coupled with our customer strategy review, these senior management appointments form the foundations on which to grow the business once again,’ said Oddy.

 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.