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Home Business & Economics Business

New Look losses mount as Brexit and weather keep shoppers away

British fashion chain New Look reported a bigger annual pretax loss, hurt by a large charge, while Brexit woes and rainy weather kept shoppers out of its stores. New Look, owned by South African investment firm Brait, reported statutory loss before tax of 522.2 million pounds for the year ended March, compared with a loss […]

Joe Mellor by Joe Mellor
June 25, 2019
in Business, News, Politics
Pro-Brexit protesters display a balloon at the March to Leave demonstration in London, Britain March 29, 2019. REUTERS/Toby Melville

Pro-Brexit protesters display a balloon at the March to Leave demonstration in London, Britain March 29, 2019. REUTERS/Toby Melville

British fashion chain New Look reported a bigger annual pretax loss, hurt by a large charge, while Brexit woes and rainy weather kept shoppers out of its stores.

New Look, owned by South African investment firm Brait, reported statutory loss before tax of 522.2 million pounds for the year ended March, compared with a loss of 190.2 million pounds a year earlier.

The loss was mainly driven by a 423.3 million pound non-cash goodwill and brand impairment charge after a restructuring, New Look said.

In January New Look proposed a debt-for-equity swap to reduce its debt by 1 billion pounds, in its latest turnaround attempt. That transaction was expected to complete by June.

New Look staved off a potential collapse into administration last year when creditors and landlords backed a plan enabling it to close 60 UK stores.

“We expect the retail environment to remain as challenging as ever in the year ahead, with continued Brexit uncertainty and unseasonable weather impacting current trading,” Executive Chairman Alistair McGeorge said in a statement.

FILE PHOTO: Pro-Brexit protesters display a balloon at the March to Leave demonstration in London, Britain March 29, 2019. REUTERS/Toby Melville

British retailers are battling a perfect storm of rising costs, uncertainty in the economy around Brexit and the structural shift online.

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