New Look’s continues to recover the broad appeal of its products
“The first half of this financial year has been incredibly busy for New Look as we focused on strengthening the operational foundations of the business. We have reviewed our entire product range, improved our lead times, enhanced the customer journey, revitalised the company’s values, and have begun to make the necessary changes to our leadership,” says Nigel Oddy, Chief Operating Officer.
The company continues to recover the broad appeal of its products, and claims that now it offers much improved products. “We focus on buying into successful trends quickly. Importantly, we have started to invest in our leadership team and I am delighted that David Wertheim joined us as Central Merchandising & Supply Chain Director in October,” informs Nigel.
New Look’s localness – the breadth of its estate and the convenient locations of its stores – is a key differentiator that the company will continue to capitalize on. “I am pleased that we are delivering record levels of Click & Collect orders in our stores. Following a tough first quarter, we delivered positive LFL sales throughout July and August, but September was impacted by the unseasonably warm weather, which affected the sector in general. Despite this, we kept good control of our cost base, and all is to play for as we enter peak trading,” adds Nigel.
Alistair McGeorge, Executive Chairman said, ““We are reviewing our customer strategy, and, as I have said before, investing in our leadership and people will be the single biggest enabler to transforming our business. This time last year we were forced to trade for cash to meet our interest obligations and we lacked the financial stability needed to operate effectively and invest in the business. Now, with our financial restructuring complete, we are in an entirely different position, with a materially deleveraged balance sheet, lower cash debt servicing costs and strengthened liquidity.Europe News Retail