E-commerce helps boost New Look profit by 17%

Fashion retailer New Look has posted strong full year results, with its online business playing a growing role in boosting profit.

Fashion retailer New Look has posted strong full year results, with its online business playing a growing role in boosting profit.

NewLook.com has moved from the fifth to the third biggest online retailer in the UK, with 4.1% market share.

It recently launched its second-generation website and is approaching two million hits per week. Around 1.3 million orders were taken online last year, and the company said it had achieved a "step change" in e-commerce.

UK like-for-like sales are up 5% and underlying operating profit is up 17.7% to £163m.

The company's strategy is to become a global fashion retailer and it opened 61 new stores in the past year, 16 of them in the UK.

New Look said the retail sector faces challenges including tax increases, the weakness of the pound and unemployment. But chief executive Carl McPhail said, "We remain confident in the fundamental value of our business and our strong future growth prospects and expect to make continued progress as we focus on driving the business at home, internationally and online."

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