New Look's sales have taken a dive - and management has warned trading may not improve for some time.
Total revenue for the 13 weeks ended 24 June fell 4.4 per cent to £338.7m, down from £354.2m in the same quarter a year before.
UK like-for-like sales slumped 7.5 per cent and New Look's website sales were down 0.6 per cent.
The clothing group made a loss after tax of £15.2m, as compared to a profit of £5.8m last year.
Why it's interesting
New Look's directors skipped their bonuses in June when full-year profits plummeted and it became clear the year ahead would be a considerable challenge.
Today, New Look's boss warned that it could take some time to produce a turnaround, and blamed external difficulties in the UK market for the firm's problems.
New Look is not the only high street stalwart struggling with the structural changes in the retail industry; Next reported its first fall in profits for eight years in March. However, the retailer surprised analysts last week when it delivered a sales pick-up in June and July.
What New Look said
Chief executive Anders Kristiansen said: "As expected, the UK market has remained difficult, which has resulted in a disappointing quarter of trading. We have managed the business accordingly by controlling costs, tactical investment in our strategic initiatives and enhancing our product proposition.
"We remain committed to our long-term strategy of diversifying the business and reducing our dependence on the UK high street, and are confident that we will see improvements, but expect this to take time."