Full year pre-tax loss of £16.6m
NEW LOOK Retail Group added to the gloom among Britain’s clothing retailers, reporting a full-year loss and warning of challenging times ahead as online competition increases and shoppers seek instant gratification. The pre-tax loss was £16.6 million (R272.93m) for the year to March 25, the South African-controlled company said yesterday. Sales fell 2.4 percent to £1.45bn, while the New Look brand’s like-for-like revenue declined 6.6 percent. New Look, which operates 872 stores selling fashion mainly for women and teenage girls, joins other UK apparel sellers such as Next and Marks & Spencer Group in the retail doldrums. The chain, majority owned by Brait, said shoppers are growing ever more trend-conscious and harder to please.