New Look slashes prices after sharp fall in annual sales

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Fashion chain New Look has slashed prices, saying 80% of the clothing it sells is now under £20 as it tries to turn around its business.

The move comes after the retailer reported a sharp fall in sales for its 2017-18 financial year.

Like-for-like sales fell 11.7% and website sales tumbled 19%.

New Look is one of many retailers this year that struck a Company Voluntary Agreement (CVA) under which a company buys time to sort out its debts.

It said it had made “significant progress”, which will be reflected in next year’s results.

Last November it brought back Alistair McGeorge, who ran the business between 2012 and 2014.

Mr McGeorge said: “Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance.

“We still have more work to do to restore long-term profitability, but I am confident we are now better placed to achieve this than we were when I returned to the business over six months ago.”

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