{"id":139928,"date":"2018-06-12T08:00:23","date_gmt":"2018-06-12T08:00:23","guid":{"rendered":"http:\/\/freeonlinetranslators.net\/news\/english\/new-look-slashes-prices-amid-sharp-fall-in-annual-sales\/"},"modified":"2018-06-12T08:00:23","modified_gmt":"2018-06-12T08:00:23","slug":"new-look-slashes-prices-amid-sharp-fall-in-annual-sales","status":"publish","type":"post","link":"https:\/\/freeonlinetranslators.net\/news\/english\/new-look-slashes-prices-amid-sharp-fall-in-annual-sales\/","title":{"rendered":"New Look slashes prices amid sharp fall in annual sales"},"content":{"rendered":"<figure>                                  <img decoding=\"async\" alt=\"new look store\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/22F7\/production\/_100515980_hi045410678.jpg\"\/>Image copyright                  Getty Images                                                    <\/figure>\n<p class=\"caps\">Fashion chain New Look is continuing to cut prices to meet its aim of 80% of clothing selling for under \u00a320 as it tries to turn around its business.<\/p>\n<p>It saw a sharp fall in sales in  2017-18 and saw a one-off cost of \u00a334m, partly from discounting old stock.<\/p>\n<p>Like-for-like sales fell 11.7% and website sales tumbled 19%.<\/p>\n<p>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.<\/p>\n<p>Results from New Look, which has been a High Street presence since 1969, contrast sharply with online rival Boohoo, which also reported results.<\/p>\n<p>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.<\/p>\n<p>Clothing retailer, Ted Baker, also released profits on Tuesday. Its half-year sales were up 4%, mainly thanks to growth in its online sales. <\/p>\n<h2>&#039;Self-inflicted issues&#039;<\/h2>\n<p>New Look said it had made &quot;significant progress&quot;, which will be reflected in next year&#039;s results.<\/p>\n<p>Last November it brought back Alistair McGeorge, who ran the business between 2012 and 2014.<\/p>\n<p>Mr McGeorge said: &quot;Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.<\/p>\n<p>&quot;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.&quot;<\/p>\n<p>Mr McGeorge&#039;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Fashion chain New Look is continuing to cut prices to meet its aim of 80% of clothing selling for under \u00a320 as it tries to turn<\/p>\n","protected":false},"author":1,"featured_media":139929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-139928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/139928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/comments?post=139928"}],"version-history":[{"count":0,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/139928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media\/139929"}],"wp:attachment":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media?parent=139928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/categories?post=139928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/tags?post=139928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}