Jun 3, 2009
New Look earnings rise, current trade strong
Jun 3, 2009
LONDON, June 3 (Reuters) - British fashion retailer New Look posted a 10 percent rise in annual core earnings on Wednesday 3 June and said its strong UK trading performance had continued into its new financial year.
New Look - Summer 2009
The firm, taken private in 2004 by private equity firms Apax [APAX.UL] and Permira [PERM.UL] along with founder Tom Singh, said it made earnings before interest, tax, depreciation and amortisation (EBITDA) of 217.6 million pounds ($361.3 million) in the year ended March 28.
It said 2009 would be "another challenging year for the consumer," but added its strong UK performance had continued over the Easter holiday period, with market share gains.
Like-for-like sales in the UK and Ireland rose 1.4 percent in the year ended March 28 and New Look said its market share rose by 0.7 percentage points to 5.4 percent.
The firm, which says it is Britain's biggest retailer of women's footwear, dresses and denim, has 612 stores in the UK and Ireland and also runs shops in France, Belgium, the Middle East and Russia. (Reporting by Mark Potter, Editing by Kate Holton)
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