Annual report New Look 2012

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Rapport annuel 2012 de New Look

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• Publié par: Fashiongirl
• Publié le: 04 avril 2014
• Nombre de lectures: 35
• Poids de l'ouvrage: 12 Mo

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ANNUAL REPORT AND ACCOUNTS 2012CONTENTS
DIRECTORS’ REPORT
Our business today 4
Chairman’s statement 8
Year in review 10
Corporate responsibility 16
Risk and uncertainties 20
Financial review 22
Board of Directors 28
Statement of Directors’ responsibilities 30
Other matters 31
FINANCIAL STATEMENTS
Independent auditors’ report – Group accounts 34
Consolidated income statement 35ed statement of comprehensive income 36
Consolidated balance sheet 37ed statement of changes in equity 39
Consolidated statement of cash fows 40
Notes to the Group fnancial statements 41
Independent auditors’ report – Company accounts 83
Company balance sheet 84
Notes to the company fnancial statements 85
Contacts 90
FIND OUT MORE THROUGH OUR ONLINE CHANNELS AT:
NEWLOOK.COM
DAILY.NEWLOOK.COM
M.NEWLOOK.COM
FACEBOOK.COM/NEWLOOKFASHION
TWITTER.COM/NEWLOOKFASHION
YOUTUBE.COM/NEWLOOKTV
2 WWW.NEWLOOK.COMNEW LOOK RETAIL
GROUP LIMITED
(NEW LOOK)
DIRE C T ORS’
REPORT
NEW LOOK ANNUAL REPORT & ACCOUNTS 2012 3OUR BUSINESS TODAY
4 WWW.NEWLOOK.COMMOBILE iAPP
200,000
DOWNLOADS
1.6MILLION
FOLLOWERS
TODAY WE HAVE OVER 1,100 STORES
ACROSS THE GLOBE
WE ARE THE LARGEST UK RETAILER
*(BY VOLUME) FOR WOMEN’S JEANS
WE ARE THE NO. 2 VALUE RETAILER FOR
WOMEN’S CLOTHING & ACCESSORIES
*MARKET IN THE UK
WE ARE THE NO. 1 VALUE RETAILER FOR
THE UNDER 35s WOMEN’S CLOTHING &
*ACCESSORIES MARKET
WE ARE THE NO. 1 VALUE RETAILER FOR
*UNDER 35s WOMEN’S FOOTWEAR
WE ARE NO. 1 IN VALUE FOR
*ACCESSORIES IN THE UNDER 35s MARKET
OUR FRANCHISE BUSINESS NOW
OPERATES IN 103 STORES IN 14 MARKETS
13 MILLION PAIRS OF SHOES WERE
PURCHASED BY OUR CUSTOMERS IN THE UK
* Source: KantarWorldpanel, 52 w/e 18 March 2012
NEW LOOK ANNUAL REPORT & ACCOUNTS 2012 5OUR BUSINESS TODAY
E-COMMERCE NOW SERVES OVER 120
COUNTRIES ACROSS THE GLOBE FROM
OUR UK WEBSITE
6 WWW.NEWLOOK.COMSerbia Malta Poland Belgium
Franchise stores 3 (2011: 1) Franchise stores 1 (2011: 0) New Look stores 12 (2011: 12) Franchise stores 8 (2011:5)
Space 3,000 (2011: 0) sq ftSpace 113,000 (2011: 113,000) sq ft Space 18,000 (2011: 11,000) sq ft Space 51,000 (2011: 35,000) sq ft
Mim stores 6 (2011: 7)
Ukraine Space 16,000 (2011: 19,000) sq ft Montenegro Republic of Ireland
Franchise stores 3 (2011: 2) Space Franchise stores 1 (2011: 0) New Look stores 29 (2011: 29)
20,000 (2011: 13,000) sq ftCroatia Space 5,000 (2011: 0) sq ft Space 245,000 (2011: 245,000) sq ft
Franchise stores 2 (2011: 0)
Morocco United Kingdom Space 10,000 (2011: 0) sq ft Romania
New Look stores 600 (2011: 607) Franchise stores 1 (2011: 0) Franchise stores 4 (2011: 0)
Space 7,000 (2011: 0) sq ft Space 19,000 (2011: 0) sq ft Space 4,051,000 (2011: 3,985,000) sq ftFrance
New Look stores 31 (2011: 30)
Netherlands Russia Space 243,000 (2011: 235,000) sq ft
Mim stores 293 (2011: 293) New Look stores 8 (2011: 6) Franchise stores 20 (2011: 17)
Space 33,000 (2011: 27,000) sq ft Space 150,000 (2011: 120,000) sq ftSpace 634,000 (2011: 637,000) sq ft
Mim affliate stores 17 (2011: 0)
Space 36,000 (2011:0) sq ft
Indonesia
Franchise stores 3
(2011: 0)
Space 14,000
(2011: 0) sq ft
Middle East Singapore
Franchise stores 52 (2011: 38) Franchise stores 5
Total space 353,000 (2011: 321,000) (2011: 4)
sq ft Space 29,000
(2011: 26,000) sq ft
Franchise stores
United Arab Emirates 12
Kuwait 2
Saudi Arabia 33
Bahrain 3
Regions with physical stores
Egypt 2
E-commerce regions
NEW LOOK ANNUAL REPORT & ACCOUNTS 2012 7CHAIRMAN’S STATEMENT
8 WWW.NEWLOOK.COMENHANCING OUR
CUSTOMERS EXPERIENCE
NEW LOOK IS A GREAT BRAND AND WE REMAIN RESOLUTE IN
DELIVERING THE EXPERIENCE CUSTOMERS DEMAND FROM US TO
BE THEIR NUMBER ONE CHOSEN RETAILER.
2011/12 has undoubtedly been a challenging year growth, now it’s a case of having an effcient
for New Look as we took action to address issues multi-channel model that incorporates the
around our product ranges, pricing architecture optimum number of stores in the right locations
and cost base. I’m pleased with the progress that with the right cost dynamics. We also need to
has been made and this has been refected in an ensure we have a strong brand and a distinctive
improvement in our fnancial performance from proposition that generates improved customer
October, through the second half of the fnancial loyalty. Underpinning this, managing operations
year. All of the initiatives, which have driven this and costs to generate maximum effciency and
improved performance, will also help to drive fexibility will continue to be essential.
further improvements in our fnancial results
Ultimately, New Look’s future is dependent on through the new fnancial year.
its people; it’s their commitment and hard work
We know that we have not always done a good that drive the Group further towards reaching its
enough job in some key categories and our price goals. However, hard work alone is not enough.
architecture has not always delivered the value We need to have inspirational leaders with the
customers expect. We’ve therefore invested right blend of skills and experience, supported
some of our gross margin into better pricing and by the right tools, procedures and policies to
better quality to reinforce our value credentials. execute their jobs effectively. As such I have
We’ve seen encouraging reactions to our Spring/ made a number of key leadership changes over
Summer 2012 range in the UK and overseas as a the last year and made some important changes
result of these actions taken last autumn. to operating procedures in order to achieve
this. We also need to empower our store staff
We’ve tightened inventory further and will more and ensure that we put those that serve
continue to exploit short lead times to improve customers at the heart of the business. I’d like
our buying decisions and help mitigate inherent to express my sincere thanks to all of our staff
fashion risk. This should allow us to reduce our for their dedication, commitment and hard work
markdown and improve gross margin. during a very diffcult trading environment.
Customer experience remains at the heart of With a challenging macro-economic environment
everything we do. We need to give customers and low consumer confdence, more than ever
the experience they expect whether they are we need to give the customer a reason to choose
shopping in store or online. Our new Concept New Look every time they want to shop. Our
store refurbishment programme is designed mission is to deliver exciting, authoritative,
to enhance the experience in store, making appealing fashion, at the right price every
the store easier and more pleasurable to shop. time, and across whichever channel is most
The results from the Concept stores are very convenient to our customers. This is the key to
encouraging both in terms of customer feedback our future success.
and enhanced sales performance. We will aim to
match this experience for our customers online
so that the customer experience is consistent
across all channels. This will be a key focus for
us over the coming years.
We have also been addressing more
fundamental, structural issues, impacting
Cthe whole of the Retail Sector. The growth in ALISTAIR M GEORGE
E-Commerce has meant that retailers can no EXECUTIVE CHAIRMAN
longer rely on opening more space to drive
NEW LOOK ANNUAL REPORT & ACCOUNTS 2012 9YEAR IN REVIEW
NEW LOOK HAS CONTINUED TO INVEST IN INCREASING THE WAYS
CUSTOMERS CAN SHOP WITH US, WHETHER ONLINE OR IN-STORE, BOTH
IN THE UK AND OVERSEAS. AT THE SAME TIME WE ARE ENHANCING OUR
CUSTOMERS EXPERIENCE. WE ARE PROUD OF THE BRAND AND NEED
TO DO A BETTER JOB AT REMINDING THE CUSTOMER WHY THEY SHOULD
CHOOSE TO SHOP AT NEW LOOK.
New Look has responded to a diffcult retail trading start due to unseasonable weather patterns at the
environment and implemented the necessary launch of the new range. A good Christmas trading
actions to address the impact of the fall in the period (5 week period +3.4% ex VAT) LFL and strong
EBITDA performance in the frst half of the year, stock clearance during the post Christmas sales left
with positive EBITDA growth in the second half. the Group in one of the cleanest stock positions for
Although EBITDA fell year-on-year the positive a number of years.
actions taken by the Group to tighten the cost base
We’ve had encouraging early indications that the have helped lead to a positive cash position of
Spring/Summer 2012 range has been well received £212.3 million at year end (2011: £191.4 million).
by customers’ in-store and online.
GROUP PERFORMANCE
A key element of our recovery actions has been
The Group has now completed its second full year cost reductions. During FY12 we delivered c£60
with key functions such as Buying, Merchandising million savings with a further c£30 million full year
and Design (BMD) based in London after the move effect to be realised in FY13. These savings came
from Weymouth in 2009. BMD have re-vitalised from a detailed review of payroll scheduling, a new
product ranges and we’re now seeing the beneft