New Look, the leading fashion value retailer, today announces its results for the 52 weeks to 27th March 2010
Financial Highlights
•Total revenue up 10.7% to £1,463.6m against a challenging market backdrop
•Underlying operating profit up 17.7% to £163m
•Group like-for-like sales growth of 1.2%
- UK like-for-like sales up 5.0%
- International like-for-like sales, reflecting market conditions in Ireland and France, fell 12%
•Cash generation up 2.9% to £224m
•£100m reinvested in the business•No refinancing requirement before 2015
Operational highlights
UK market share increased to 5.2% from 4.7 %*, consolidating position as Number Two in UK 61 new stores opened across the Group – including 16 in the UK - taking total to 1,018; total trading footage now 5.5m sq ft Upgrade programme launched for existing stores, with 75 refurbished during the year Step change achieved in e-commerce with launch of second-generation site:
•NewLook.com moved from fifth to third biggest UK on-line fashion retailer with 4.1% market share
•Operating across 24 markets at year end
•Approaching two millions hits per week, with 1.3m orders taken last year
International presence extended from eight to 12 countries with store openings in the Netherlands, Egypt, Singapore and Poland; actions being taken to address challenging market conditions in Ireland and France
More than 1,900 new jobs created during the year, taking number of people employed by the Group to over 22,000
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