Brait's new buy New Look posts big profit rise | Fin24
  • Still falling

    Annual consumer price inflation has dipped to its lowest level in 9 years.

  • Sabotage at Eskom

    President Cyril Ramaphosa says sabotage contributed to power cuts earlier in the week.

  • Digital Banking

    TymeBank says it will be switching gears in a bid to triple its size by the end of 2020.


Brait's new buy New Look posts big profit rise

Jun 04 2015 17:34

London - British budget clothes retailer New Look, snapped up last month by African investment heavyweight Brait SE, posted a big jump in full-year profit on Tuesday.

New Look, which vies with Primark, Next and H&M on UK high streets and trades from another 200 stores across Europe, North Africa, the Middle East and Asia, said pre-tax profit for the year to March 28 rose to €50.6m, up from €20.7m a year ago.

Group revenue rose 3.4% in the period to €1.4bn with sales at UK stores open over a year up 5%.

Last month Brait, whose top shareholder is South African retail mogul Christo Wiese, agreed to pay $1.2bn for a 90% equity stake in New Look.

New Look is expanding in Europe in countries such as France, Poland and Germany, and has big plans for China too where it operates 30 stores and wants 70 in total by March next year.

The firm said it had been pleased with early summer trading.

Following the deal with Brait, New Look said it was evaluating ways to optimise its capital structure to reduce costs.

brait  |  uk  |  retail


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote