Fashion retailer New Look has reported a sharp dip in profits and sales in its full year results.
Group like for like sales dropped 5.5 per cent in the period, with sales in Great Britain dropping 7.1 per cent but International sales rising 0.5 per cent.
Adjusted EBITDA was reported as falling from £249.4 million to £190.2 million, while underlying operating profit fell from £162.7 million to £98.0 million.
The group said it had seen a robust performance internationally (with the exception of Ireland) and had entered Malta and Ukraine during the year.
Alistair McGeorge, Executive Chairman of New Look, said, "Clearly these are disappointing results, reflecting a business that was suffering significant internal disruption against the backdrop of a harsh and deteriorating consumer economy. Additionally, we allowed our price architecture to drift upwards, which undermined our competitiveness and relative value positioning in the marketplace.
"New Look is now going through a transition to ensure we are firmly focused on delivering, with greater consistency, what our customers expect - great fashion at great prices. This is a business with a strong brand and fantastic people and we are confident that we have put in place the right first steps to ensure New Look is returned to sustainable growth."