Online sales boost New Look’s earnings

 
Suzie Neuwirth

UK RETAILER New Look has started to reap the rewards of its turnaround plan, with revenues up £37m to £1.48bn in its full year results, due to 50 per cent online sales growth.

The firm, which is owned by private equity firms Apax and Permira and founder Tom Singh, made a small pre-tax profit of £3.1m – compared to losses of £55m the previous year - and posted net debt of £1.1bn after refinancing existing debt.

“Out three-point turnaround plan of cost savings, margin improvement and revenue growth enabled us to deliver strong results and continue to re-invest in our business,” said chairman Alistair McGeorge.