UK-based global fashion retailer New Look has reported profit after company voluntary arrangement (CVA).
The retailer has witnessed its total revenues more than double in the Q1 of the current financial year. However, it also added that the sales plunged by 40 per cent for the year to £542.2 million.
New Look added that it was boosted by the reopening of bricks-and-mortar stores in April this year and adding to this its e-commerce sales too rose by 3.8 per cent for the quarter that ended June 2021.
Notably, total revenues during the quarter surged by 181.7 per cent to clock £194.4 million.
More on the same, Nigel Oddy, CEO, New Look, said “We have been delighted to welcome our customers back to our stores since reopening from April 2021, which, as expected, has driven strong sales growth as lower footfall has been offset by improved sales conversion rates.”
Following CVA restructuring, New Look was able to reduce its rent bill significantly. It also later closed 39 of its stores to take its portfolio to 472 sites by the end of the year.
New Look was founded in 1969 and sells womenswear, menswear and clothing for teenagers.