New Look to open more men’s standalone stores
New Look has posted a rise in third quarter sales and profits despite the highly ”promotional environment”.
The fast-fashion chain said pre-tax profits grew 38.9% to £87.9m during the nine months to December 26.
New Look’s own-brand online sales rose 3.4.7% during the period while earnings from external players increased 32.7% online.
Over the festive trading period, the high street giant saw a 3.2% rise in sales during the seven weeks to January 2.
“In what has been perceived as a tough market this quarter, we feel pleased with this performance,”said CEO Anders Kristiansen.
“Our preparation and readiness for the peak trading season ensured we delivered good results, despite the highly promotional environment in the UK including the competitive challenges generated by Black Friday.”
Menswear standalone stores continue to surpass expectations and 15 to 20 additional stores will open.