New Look appoints ex-House of Fraser boss as CEO December 12, 2019 New Look has appointed former House of Fraser boss Nigel Oddy as chief executive, filling the top job for the first time in more than two years. Oddy, who joined the retailer as chief operating officer in April this year, will take on the role from the beginning of January 2020. Read more: New Look [...]
Virgin Active and Iceland investor Brait to offload assets November 27, 2019 South African investment firm Brait, which owns stakes in New Look, Iceland and Virgin Active, has announced a financial restructuring plan that will see it offload its assets. Shares in the Johannesburg-listed company plunged more than 15 per cent after it unveiled plans to sell off its assets in a bid to reduce debts and [...]
New Look losses shrink despite dip in sales November 12, 2019 New Look narrowed its losses in the first half of the year, despite a decline in sales caused by the ongoing challenges facing the UK high street. The figures The retailer reported that its statutory loss before tax was £11.2m, compared to a loss of £41.9m in the first half of last year. Revenue fell [...]
New Look sales drop due to ‘unseasonable’ weather September 11, 2019 New Look sales plunged in the first quarter as the retailer battled challenging high street conditions. The figures Core like-for-like sales were down 10.1 per cent, which the company blamed on lower footfall due to “highly unseasonable weather” and consumer uncertainty. Read more: New Look posts £500m loss as turnaround continues Total revenue was £238.3m in [...]
New Look posts £500m loss as turnaround continues June 25, 2019 Struggling retailer New Look has posted a £500m loss as it continues with its turnaround plan. The figures The high street chain reported a statutory loss before tax of £522.2m, compared to a £190.2m loss the previous year, due to a £423.3m goodwill and brand impairment charge related to the restructuring. However, the firm also [...]
Carpetright shares soar as restructuring plan starts to pay off April 25, 2019 Shares in Carpetright soared almost 25 per cent this morning after it reported a “significant” improvement in sales as its restructuring plan begins to pay off. The London-listed carpet specialist said like-for-like sales were up in the fourth quarter in a sign of renewed customer confidence. Read more: Carpetright sales drop but pace of decline [...]
New Look moves into the black February 13, 2019 Fast-fashion chain New Look moved into the black in its year-to-date results this morning, with cost savings and a third-quarter bump in sales providing a much-needed boon for the embattled retailer as it looks to tackle a £1bn pile. The figures Revenue hit £1.02bn in the 39 weeks to 22 December, slipping five per cent from [...]
Debenhams lending talks pay off as it closes in on store closure plan February 3, 2019 Debenhams will this week reveal it has bagged a cash injection from lenders as the struggling department store closes in on a radical restructuring plan. The embattled chain has been in discussions with lenders over recent weeks as it looks to refinance banking facilities over the next 12 months in a bid to stay afloat. [...]
New Look slapped with fresh downgrade as Moody’s casts doubt over restructuring plan January 17, 2019 Moody’s, the influential ratings agency, has downgraded New Look’s senior secured notes rating, just days after the retailer unveiled a restructuring deal aimed at cutting its debts by £1bn. On Monday, New Look agreed a debt-for-equity swap proposal to reduce debt from £1.35bn to £350m, and also announced a £150m capital raise through the issuing [...]
Littlewoods and Very owner Shop Direct enjoys Christmas sales bounce January 14, 2019 Very and Littlewoods operator Shop Direct saw a rise in revenues over the festive period, as Black Friday discounts and Christmas shopping boosted sales. Revenue climbed 3.7 per cent year-on-year for the seven weeks to 28 December, with clothing and footwear seeing a particular bounce, rising eight per cent at group level. Very, the company’s [...]