A High Street has today announced a significant fall in profits and sales.

New Look, which has stores in Gloucester, Cheltenham and Stroud said its revenue had dropped by 2.4 per cent to £1,45million, a loss of more than £25million in the 52 weeks leading to the end of March.

However, New Look said that it's not all bad news for them as its own website sales had grown 14.3 per cent and the third party E-commerce sales were also up 30.9 per cent, making the results of the final revenue a less dramatic fall.

The adjusted earnings before interest, tax, depreciation and amortization (EBITDA) has dropped a huge 31.8per cent to 155million from the previous years £227.2million which the company said is due to sales performance and investment in strategic initiatives.

In today's trading statement, New Look CEO Anders Kristiansen said: "The retail environment is now more competitive than ever.

"We have seen a growing shift in customer mind-set during the year to a 'buy now, wear now' mentality, which challenges us to be even faster in identifying and responding to trends, buying with more conviction and becoming ever more agile.

"We've responded by improving our buying processes, working to achieve an even faster supply chain and strengthening our Buying and Design teams to make sure we deliver a stronger product proposition.

"By being faster on the latest trends and acting with added conviction, we will reduce reliance on promotions and discounting.

"We expect trading conditions for the coming year to remain challenging. We remain resolutely committed to delivering on our strategy for the benefit of all our customers and stakeholders and are confident we have the right strategy in place to do so."

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