It’s fashion retailer New Look’s 50th anniversary year and while it isn’t quite where it would have wanted to be as it hits its half-century, it does seem to be getting back on track after a very bruising few years.
New Look was upbeat on Wednesday as it focused on the positives in its end-of-Q3 report rather than its continuing sales fall. But it seemed justified in that view as the business is clearly improving.
New Look's creditors will become its majority owners after the firm announced a deal to cuts its debt load by £1bn. And it also said that trading has been up and down in recent periods, but it thinks it's back on track.
New Look has admitted last year was very difficult as it revealed bleak trading results amid external and “self-inflicted” issues. However, it said its turnaround plan is on track to deliver stability for the new year.