New Look: a trusted brand that knows its customer and what she wants
New Look delivered an improved performance for FY13 despite prevailing macro-economic challenges and continuing low consumer confidence
Directors’ Report
Chairman’s letter
OUr THree-PoinT TUrnàroUndneWlooK.coM THe THird MosT visiTed online WebsiTe Plàn of cosT sàvings, Màrginin THe uk’s cloTHing ànd àccessories secTor, ànd We iMProveMenT ànd revenUeàre sHiPPing To over 120 coUnTries WorldWide. In groWTH enàbled Us To deliveràddiTion To HoMe delivery, Order-In-STore ànd ClicK sTrong resUlTs ànd conTinUe& CollecT give cUsToMers service oPTions designed To re-invesT in oUr bUsiness.To fiT convenienTly àroUnd THeir lifesTyles. we Hàve alTHoUgH làsT sUMMer’sesTàblisHed Mobile àPPs, ànd We’ve been Triàling Unseàsonàl WeàTHer cerTàinlyinnovàTive PoinT of sàle TecHnology THàT àlloWs in-àffecTed consUMer sPending, oUr firsT Hàlf LFL sàlessTore cUsToMers To àccess ricH conTenT vià THeir sMàrT Were -3.3% coMPàred WiTH -7.1% in THe eqUivàlenTPHones ànd TàbleTs. IT is à sMàll PàrT of oUr drive for Period of FY12. and, desPiTe fUrTHer WeàTHercoHesion ànd consisTency of cUsToMer exPerience cHàllenges in MidWinTer ànd àgàin in màrcH 2013,àcross àll cHànnels. alreàdy, àPProxiMàTely 2 Million oUr LFL sàles conTinUed To iMProve in THe secondPeoPle ‘liKe’ Us on FàcebooK. Hàlf of THe finànciàl yeàr àT +1.7%, leàding To ànnUàl LFL sàles of -0.7% (2012: -5.9%). tHis PerforMànce,all of THese sUccesses ànd àdvànces Hàve been coUPled WiTH TigHT sTocK conTrol, cosT efficienciesMàde Possible by THe energy ànd coMMiTMenT ànd sàvings, Hàs HelPed Us iMProve oUr adjUsTedof oUr brilliànT, HàrdWorKing PeoPle WHoM I EBItDa (às defined on Pàge 44) by 29.1% ToWisH To THànK. tHe bUsiness noW Hàs à MUcH £189.2M (2012: £146.6M) ànd àcHieve significànTsTronger fràMeWorK ànd focUs THàn ever before. càsH generàTion.By esTàblisHing à cleàr leàdersHiP Messàge THàT idenTifies oUr visions ànd objecTives, We Hàve asTUTe Triàling ànd sHorTer leàd TiMes ensUred WeeMPoWered oUr TàlenTed decision-MàKers To be Hàd More of THe rigHT ProdUcT in-sTore ànd online àTbolder ànd More confidenT in àll THàT THey do. THe rigHT TiMe, ànd àlloWed Us To bàcK Winners sUcH às onesies ànd Midi-dresses. tHis MeànT We WereEveryone àT NeW LooK is cleàrer THàn ever àboUT àble To iMProve Màrgins by selling More ProdUcT àTexàcTly WHo oUr cUsToMer is ànd WHàT sHe (or He) fUll Price, WHile conTàining MàrKdoWns ànd overàllWànTs froM Us. and, THànKs To THe yeàr’s exTensive sTocK levels. OUr reneWed focUs on vàlUe led UsProgràMMe of Tràining WorKsHoPs, everyone froM To sUccessfUlly re-evàlUàTe oUr Price àrcHiTecTUre.sUPPorT cenTres To oUr sMàllesT sTores is on-Messàge we àlso iMProved oUr ànàlysis of (ànd sPeed ofànd PUrsUing THe sàMe cleàrly defined bUsiness resPonse To) Key Trends, WHile liMiTing oUr exPosUregoàls THroUgHoUT THe uk ànd MUcH fUrTHer àfield. To Poor WeàTHer condiTions by beTTer ProdUcTaT THis exciTing TiMe I’M esPeciàlly deligHTed To TrànsiTioning beTWeen seàsons.WelcoMe anders krisTiànsen, WHo joined Us in JànUàry 2013 às CHief ExecUTive Officer. previoUsly, we Hàve MàinTàined or in soMe càses exTendedHe Wàs Vice CHief ExecUTive of BesTseller FàsHion oUr significànT uk MàrKeT sHàre in Key ProdUcTGroUP in CHinà, WHere He HelPed esTàblisH over càTegories sUcH às deniM, dresses, KniTWeàr ànd5,500 sTores, ànd Prior To THàT He Held senior fooTWeàr. Overàll, NeW LooK reMàins THe uk’sdirecTorsHiPs àT STàPles Inc, Lyreco asià pàcific second biggesT WoMensWeàr brànd by vàlUe, àndànd Lyreco EUroPe. his exPerience in Key foreign THe nUMber one cloTHing ànd àccessories brànd, inMàrKeTs Will be invàlUàble in reàlising NeW LooK’s vàlUe, for WoMen Under 39. we àre THe cleàr MàrKeTsignificànT globàl groWTH PoTenTiàl. leàder in oUr disTincTive, HigHly àTTràcTive ProPosiTion of vàlUe fàsHion.Finàlly, since oUr finànciàl yeàr end, I àM deligHTed To rePorT THàT We Hàve sUccessfUlly refinànced oUr alTHoUgH We Hàve closed à nUMber ofdebT, exTending oUr debT MàTUriTies To 2018. tHis UnderPerforMing sTores às PàrT of oUr leàse reneWàlgives Us à MUcH iMProved càPiTàl sTrUcTUre ànd ProgràMMe, oUr uk reàcH (93% of ToTàl PoPUlàTion)enàbles Us To focUs on THe delivery of oUr sTràTegy reMàins More exTensive THàn àny of oUr Keyànd bUsiness iMProveMenT. coMPeTiTors. we’ve WorKed Hàrd To give cUsToMers àn engàging ànd insPiràTionàl exPerience, WHeTHer sHoPPing WiTH Us online or in àny of oUr PHysicàl sTores. wiTHin THe PàsT TWelve MonTHs, àlMosT à qUàrTer of NeW LooK’s uk esTàTe Hàs been refiTTed in oUr neW “ConcePT” forMàT, WHicH is deligHTing sHoPPers. alisTàir mcGeorge we àre sTàrTing To becoMe à TrUly MUlTi-cHànnel Executive Chairman bUsiness, WiTH significànT groWTH in online sàles. In màrcH 2013, ExPeriàn hiTWise MeàsUred 24 mày 2013