The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
The web grew 41% in fiscal 2011.
The web outpaced store sales in fiscal 2011 for New Look Retail Group Ltd., a retailer of clothing, shoes and accessories based in the United Kingdom.
For the fiscal year ended March 26, New Look reported:
- E-commerce sales of 52.3 million pounds ($84.8 million), a 41.4% increase from 37.0 million pounds ($60.0 million) in 2010.
- Total sales of 1.461 billion pounds ($2.370 billion), down by 0.2% compared with 1.463 billion pounds ($2.373 billion) last year.
- U.K. comparable-store sales, including e-commerce, were down 7.1%.
- International comparable-store sales, including e-commerce, were up by 0.5%.
- Total same-store sales were down by 5.5%.
- Net loss was 19.6 million pounds ($31.8 million) compared with net income of 15.5 million pounds ($25.1 million) in fiscal 2010.
E-commerce accounted for about 4% of total sales in 2011, compared with 2.5% in 2010, the company reported. New Look, No. 102 in the Internet Retailer Top 300 Europe, did not break out fourth-quarter sales.
Online sales initiatives in fiscal 2011 included expanding web sales from 24 to 120 countries. New additions include countries in Africa, Asia, Central and South America, and the Middle East.
New Look also upgraded its web site, added in-store online ordering and launched mobile commerce in April. The mobile site features image zoom, one-click checkout for registered shoppers as well as non-registered checkout, store locator, and a choice of delivery date.
E-commerce plans for the coming fiscal year include adding “Click and Collect” capabilities enabling shoppers to buy online and pick up an order in one of New Look’s 1,051 stores, and adding local language and local currency features to international web sites.