It has been a disappointing year for women’s fashion retailer New Look after the company reported a drop in sales.
Its like for like sales fell 5.5 per cent in the 12 months to March, while total sales declined by 0.2 per cent to £1.46billion and underlying operating profit fell significantly from £162.7million to £98million.
Transitional period
According to New Look executive chairman Alistair McGeorge, the business had been suffering from “significant internal disruption” as well as a “harsh and deteriorating consumer economy.”
The firm had announced a change of management in March when both its chairman and chief executive left the company.
He also highlighted that the company is going through a transitional period in an effort to deliver better value to shoppers.
Clothing retailers in general have been struggling due to the rising costs of raw materials, such as cotton. This means that budget chains such as New Look have been particularly hard hit as their raw materials typically make up a larger percentage of their prices.
Bargain prices
Anyone interested in New Look fashion should consider buying online as an alternative to buying in store because there are a host of savings to be made with the company publishing a number of promo codes at 5hop5.ie.
Among the offers currently available are two for £20 on men’s formal shirts, jeans, swim-shorts and printed T-shirts; summer tops from £3.99; holiday shop beach style from £4.99; summer dresses from £9.99; and joggers two for £12.
