Despite a “stellar” start to its new financial year, fashion chain New Look is no nearer to a multi-million pound stock-market flotation, its chief executive Anders Kristiansen declared today.
“A flotation is up to our investors and shareholders,” he said. “But I don’t see it happening in the immediate future.”
New Look’s same-store sales jumped 9% in the first quarter, driven by the success of its ranges of kimonos, printed trousers and running shorts.
Kristiansen said: “We had great success in identifying and capitalising on key trends and, in particular, we were very good at getting in new supplies when top sellers were about to run out.”
UK like-for-like sales were up 11.6% while online and e-commerce sales rose 39%.
Underlying earnings (the measure preferred by its private-equity owners) rose by 19% to £59.4 million.
New Look said that it has received an indicative offer for its ailing French division Mim, which caused a big writedown last year.
Kristiansen warned that the second quarter would come up against stronger comparative sales in 2013.
