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New Look slashes prices after sharp fall in annual sales

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new look storeImage copyright Getty Images

Fashion chain New Look has slashed prices, saying 80% of the clothes it sells is now beneath £20 because it tries to show round its enterprise.

The transfer comes after the retailer reported a sharp fall in sales for its 2017-18 monetary 12 months.

Like-for-like sales fell 11.7% and web site sales tumbled 19%.

New Look is one among many retailers this 12 months that struck a Company Voluntary Agreement (CVA) beneath which a firm buys time to kind out its money owed.

Results from New Look, which has been a High Street presence since 1969, distinction sharply with on-line rival Boohoo, which additionally reported outcomes.

Sales of its three manufacturers, Boohoo, PrettyLittleThing and Nasty Gal had been 53% greater in the newest quarter in contrast with the identical quarter final 12 months.

Clothing retailer, Ted Baker, additionally launched earnings on Tuesday. Its half-year sales had been up four%, primarily due to progress in its on-line sales.

New Look stated it had made “significant progress”, which will likely be mirrored in subsequent 12 months’s outcomes.

Last November it introduced again Alistair McGeorge, who ran the enterprise between 2012 and 2014.

Mr McGeorge stated: “Last 12 months was undoubtedly very tough for New Look, with a well-documented mixture of exterior and self-inflicted points impacting our efficiency.

“We still have more work to do to restore long-term profitability, but I am confident we are now better placed to achieve this than we were when I returned to the business over six months ago.”

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