Struggling retailer New Look has posted a £500m loss as it continues with its turnaround plan.
The high street chain reported a statutory loss before tax of £522.2m, compared to a £190.2m loss the previous year, due to a £423.3m goodwill and brand impairment charge related to the restructuring.
However, the firm also reported a core underlying operating profit of £33.2m, compared to a loss of £35.7m in 2018.
Revenue was down 3.8 per cent to £1.23bn in the 53 weeks to 30 March this year.
New Look reported earnings of £80.2m, up from £18m the previous year.
The company added that its restructuring plan had reduced long-term debt from £1.3bn to £350m.
What New Look said
“Whilst New Look enters the new financial year in a fundamentally healthier and stronger position, in many respects today marks the starting line,” said executive chairman Alistair McGeorge.
“We have more work to do to enhance trading and deliver further operational improvements as we continue our turnaround plans.
“We expect the retail environment to remain as challenging as ever in the year ahead, with continued Brexit uncertainty and unseasonable weather impacting current trading.
“However, we will continue to focus on what is in our control by further enhancing profitability through our fantastic product, building brand equity and grasping new market opportunities.”