New Look says turnaround plan paying off as festive sales rise

 
Kasmira Jefford
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VALUE fashion retailer New Look said it enjoyed a stellar Christmas trading period as it benefited from shoppers delaying spending and hunting for bargain buys.

The firm, owned by private equity groups Apax, Permira and founder Tom Singh, posted a 3.7 per cent rise in UK like-for-like sales for the 14 weeks to 29 December.

Group sales were 4.5 per cent ahead of last year.

Chairman Alistair McGeorge said its performance was “ a testament to the success of our recovery programme and the strength of our brand”.

The retailer, which has over £1bn of debt, has been attempting to revive sales by revamping stores and targeting a more mature customer.