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06/01/2009
New Look Sales Bolster Expansion Plans
As high street giants Next and Debenhams reel from poor like-for-like annual sales, discounted fashion chain New Look reported a 2.8% growth in quarterly sales, bolstering further expansion plans.
Despite unfavourable market conditions for retailers, New Look is expected to open a number of new stores this year.
Bought by private equity firms Apax and Permira and company founder Tom Singh for £699m in 2004, the group has saw a 14.5% rise in sales during the Christmas trading period, across all its stores, home and abroad.
Executive Chairman Phil Wrigley said the fashion chain was "winning in an increasingly difficult market by staying focussed on the delivery of fashion our customers want at prices they can afford".
"We expect the market will become more difficult in 2009 but we will continue to invest to drive growth in the UK and overseas," he added, in a trading statement.
Plans to increase sales space in UK by 350,000 square feet have been announced by the firm, which hopes to expand within this financial year.
New Look has also signed a new franchise agreement for Russia and is expected to open its first store in Moscow early this year.
(PR/JM)
Despite unfavourable market conditions for retailers, New Look is expected to open a number of new stores this year.
Bought by private equity firms Apax and Permira and company founder Tom Singh for £699m in 2004, the group has saw a 14.5% rise in sales during the Christmas trading period, across all its stores, home and abroad.
Executive Chairman Phil Wrigley said the fashion chain was "winning in an increasingly difficult market by staying focussed on the delivery of fashion our customers want at prices they can afford".
"We expect the market will become more difficult in 2009 but we will continue to invest to drive growth in the UK and overseas," he added, in a trading statement.
Plans to increase sales space in UK by 350,000 square feet have been announced by the firm, which hopes to expand within this financial year.
New Look has also signed a new franchise agreement for Russia and is expected to open its first store in Moscow early this year.
(PR/JM)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
