Rise in like-for-like sales lifts New Look in Ireland

Fashion retailer New Look, which operates more than 20 stores in Ireland and over 1,000 globally, got back on track last year with turnover at its Irish subsidiary rising on the back of increased like-for-like sales.

Newly filed accounts for New Look Retailers (Ireland) Limited, show revenues jumped 6.5 per cent to €68.7 million from €64.5 million for the 12 months ending March 26th, 2016, reversing a 6.5 per cent decrease in turnover a year earlier.

Pretax profits totalled €1.9 million, as against €2.8 million a year earlier. However, a transition to FRS101 reporting standards resulted in an increase of €1.05 million to the previously reported profit.

Earnings before interest, taxes, depreciation, and amortisation (ebitda) rose 9.9 per cent to €2.74 million from €2.49 million, following a 23.1 per cent decrease in the prior year.

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Profit rose to €30.8m

Gross profit increased by 3.8 per cent to €30.8 million from €29.6 million.

New Look, which has been trading in Ireland since 2003 and competes against the likes of Penneys/Primark, H&M and Next, had net assets of €40 million, versus €33.6 million a year earlier.

New Look opened its biggest ever store at the Jervis Shopping Centre in Dublin in 2010.

The company paid a €128,391 dividend to parent in September, the accounts show.

Cost of sales rose to €37.9 million from €34.8 million, while administrative expenses increased from €27 million to €29 million.

New Look employed 699 people with staff-related costs rising to €8.79 million versus €8.5 million the previous year.

During the year under review, the company was part to a cross guarantee totalling £75 million (€87m) on the borrowing facilities of its parent.

New Look was acquired by the South African investment company Brait for $1.2 billion (€1.11bn) in 2015.