June 12, 2018
Fashion chain New Look is continuing to cut prices to meet its aim of 80% of clothing selling for under £20 as it tries to turn around its business.
New Look slashes prices amid sharp fall in annual sales
It saw a sharp fall in sales in 2017-18 and saw a one-off cost of £34m, partly from discounting old stock.
Like-for-like sales fell 11.7% and website sales tumbled 19%.
New Look is one of many retailers this year that struck a Company Voluntary Agreement (CVA) under which a company buys time to sort out its debts.
Results from New Look, which has been a High Street presence since 1969, contrast sharply with online rival Boohoo, which also reported results.
Sales of its three brands, Boohoo, PrettyLittleThing and Nasty Gal were 53% higher in the most recent quarter compared with the same quarter last year.
Clothing retailer, Ted Baker, also released profits on Tuesday. Its half-year sales were up 4%, mainly thanks to growth in its online sales.

'Self-inflicted issues'
New Look said it had made "significant progress", which will be reflected in next year's results.
Last November it brought back Alistair McGeorge, who ran the business between 2012 and 2014.
Mr McGeorge said: "Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.
"We still have more work to do to restore long-term profitability, but I am confident we are now better placed to achieve this than we were when I returned to the business over six months ago."
Mr McGeorge's plan involves widening the age range of its customers to include older women, with a target customer age range of 18-45, rather than stocking items aimed at younger, more fashion-conscious consumers.
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