RETAIL UPDATE: Strong Christmas for New Look

Fashion chain bucks trend with successful festive period with group sales up 14.5 per cent.
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Fast fashion retailer New Look has bucked the current sales downturn on the High Street, revealing that in the 14 weeks to January 3rd its total group sales rose by 14.5 per cent.

Online sales also grew, with the retailer continuing to gain market share.

In the UK, New Look will add a further 350 square feet of trading space in the current financial year including new concept stores in Liverpool, White City and Meadowhall (Sheffield). Menswear also continues to grow market share, complementing a growth in womenswear which is now at 5.0 per cent market share, an increase of 0.3 per cent over the previous 12 months.

In addition, since the beginning of the financial year (April), New Look has opened 22 stores across six countries including a flagship store in Forum Les Halles, the largest shopping centre in Paris.

The chain has also signed a franchise agreement for Russia and expects to open its first store in Moscow early this year.

"Despite the well documented pressues facing retailers and the UK consumer, I am pleased with the performance of the group over the Christmas period," said chief executive Carl McPhail. "Our core fashion and value credentials have enabled New Look to trade through the difficult current economic environment, increase market share and make further investments in our international expansion.

"In addition, our new online channel is making tremendous progress and will be a further benefit in trading the business through a very challenging 2009."


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