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New Look’s earnings rise by 25 per cent as recovery plan pays off
VALUE fashion retailer New Look posted a 25 per cent rise in underlying first half earnings yesterday, as it removed costs and improved margins as part of a recovery plan following a slump in earnings in 2011-12.
The firm, owned by private equity groups Apax, Permira and founder Tom Singh, also said that its current sales performance is now showing year-on-year growth. A spokeswoman for New Look said the firm hoped to refinance its net debt of £1.05bn within the next 18 months.
The firm reported earnings before interest, tax, depreciation and amortisation of £86.9m in the 26 weeks to 22 September, up from £69.4m last year.