Full year pre-tax loss of £16.6m

The Star Early Edition - - COMPANIES -

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.

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