FASHION retailer New Look said yesterday it had received an offer for its French clothing chain Mim after revealing a strong rise in first quarter sales.
The group, which slipped into the red last year after having to write-down the value of Mim’s assets, declined to name the buyer, but said deal was expected to take place within the next couple of months.
New Look’s total group sales rose 8.1 per cent to £392.5m in the 13 weeks to 28 June while like-for-like sales were up 8.9 per cent.
In the UK, where the company has been revamping its stores and improving its range, like-for-like sales jumped 11.6 per cent up.
Chief executive Anders Kristianson said it had enjoyed a “terrific” start to the year but warned the second quarter would be tougher as it comes up against strong comparatives on last year.
New Look also said it had paused plans to expand in Russia due to the worsening political situation there.