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Annual Report and Accounts 2010 Overview Overview Operating and Financial Highlights t t R l Repo l A Accounts 2010 Accounts nd nd Annu A NEW LOOK ANNUAl REPORt & ACCOUNTS 2010 New Look House, House, Look New www.newlook.com Tel: +44 1305 765000 1305 +44 Tel: Dorset, DT3 5HJ, UK. 5HJ, DT3 Dorset, Mercery Road, Weymouth, Weymouth, Road, Mercery New Look Retail Group Limited Limited Group Retail Look New New Look is a leading, branded NEW LOOK clothing and accessories retailer, ONLINE offering a unique and irresistible combination of fashion excitement, value and newness. New Look in ’10 An online, interactive version of our report can be found at Overview www.newlookgroup.com/AR2010 operating and financial highlights 1 this includes an interview with our chief executive, At a glance 2 carl Mcphail, along with the option to download key timeline 4 elements of the report. chairman’s statement 8 Business review chief executive’s review 10 our markets 13 our brand 15 our customers 18 our operating model 19 our strategy 21 > uK retail space expansion 22 > develop and broaden product range 26 > Multi-channel development 30 > International expansion 34 You can also find additional information on our business, our colleagues 38 our brand and our ethics at www.newlookgroup.com our suppliers 40 corporate responsibility 42 principal risks and uncertainties 45 Financial review 47 Governance Board of directors 50 statement of directors’ responsibilities 52 other matters 53 Financial statements Financial statements – contents 54 Independent auditors’ report – Group accounts 55 consolidated income statement 56 consolidated statement of comprehensive income 57 You can see all our fashion at www.newlook.com consolidated balance sheet 58 this report is printed on elemental chlorine Free paper consolidated statements of changes in equity 60 certified by the Forestrys tewardship council, produced at mills certified to SOI 14001 and registered to eMAs. consolidated statement of cash flows 61 notes to the Group financial statements 62 designed and produced by Merchant www.merchant.co.uk Independent auditors’ report – company accounts 100 company balance sheet 101 printed by park communications notes to the company financial statements 102 contacts 107 new look in ’10 10 facts about new look in 2010 New Look in ’10 We’ve transformed our business in recent years and continue to lead the way in fast fashion, giving our customers what they want, where they want it, how they want it. Here are 10 key facts about New Look in 2010. 1 Market LEADer We are the number 2 retailer in the uK women’s clothing and accessories Market with 5.2% value (revenue) share at the year end, up from 4.2% two years ago. we are the number 1 retailer in dresses in both volume and value and the number 1 retailer in value in the women’s under 35 market*. 38%** of the female population shopped in new look in the last years – over 9 million customers. * Source: kantar worldpanel 24 w/e 28 March 2010, filtered on females aged 12+. ** Source: kantar worldpanel 52 w/e 28 March 2010. New Look in ’10 spoilt for 2choice We HAd over 1,000 stores bY YEAR end, with 602 new look stores in the UK, and over 400 internationally (including Mim and franchise operations). this represents total trading space of 5.5 million sq ft (3.8 million sq ft in the UK), or 72 football pitches. going 3global We served 24 countries WorldWide (including the UK) by year end, through our website. our international business for fY10 contributed over 20% of our total revenue, compared to just over 10% five years ago.t his year we entered four new markets: the netherlands, egypt, singapore 4 and Poland. fast fashion We can translate a celebritY or high- street trend into a product in-store in as little as five weeks, thanks to strong supplier relationships and a dedicated in-house design team. today, we design over two thirds of our products in-house, compared to almost nothing five years ago.o n average, we aim to have 10% of product new in-store every week. New Look in ’10 NEW LOOK ONLINE 5our aWARD-WINNING transactional Website www.newlook.com was the number 3 UK clothing retail site, with 4.4% market share and almost two million hits per week*. our recently launched second generation site offers a fresher, cleaner, more modern design, improved navigation and quicker check-out. our online presence together with more efficient store systems is paving the way for our multi-channel ambitions. * Source: hitwise Most popular websites in shopping and classifieds –a pparel and accessories ranked by Visits – w/e 10 april 2010. New Look in ’10 lonDon calling! 6MOVE TO NEW LONDON oFFICE in 2009, we successfully relocated our core functions of buying, merchandising, design and marketing to new offices in the heart ofl ondon, one of the world’s fashion capitals. this has brought a greater degree of collaboration and access to an international talent pool. BOYs TO MEN OUR MENSWEAR RANGE traded in 200 new look stores and 29 franchise stores by the end of april 2010, while our new oxford circus flagship is our biggest menswear store to date. this year we launched two menswear collaborations with designer giles Deacon that were available in 40 shops and sold 1.8 million t-shirts (enough fabric 7to circle the globe four times). New Look in ’10 people power We created over 1,700 jobs last Year 8and currently employ over 22,000 people globally. we recognise that the continued success of new look depends upon our ability to attract, motivate and retain people of the highest calibre. New Look in ’10 best foot first 9We are THE uK’s NUMBER 1 volume retailer in women’s footwear*, selling 16 million pairs of shoes this year; that’s one pair every two seconds of every day. the third floor of our new flagshipo xford circus store houses over 6,000 pairs of shoes alone. * source: kantar worldpanel 24 w/e 28 March 2010. 10 FOR ALL AGEs did You KnoW the average age oF our Female customer is 33 Years old? we are also the first choice amongst teenagers, where our generation range (9-15 years old) has a market leading 9.5% value share.* february 2010 half-term was the most successful in generation’s history, while this financial year has seen record performance of our 915 drop pocket cardigan, selling 250,000 units alone. * source: kantar worldpanel 24 w/e 28 March 2010. New Look in ’10 a gooD Total Revenue Year £1,463.6m Our continued growth has 52 weeks 2010: £1,463.6m delivered strong trading results. 52 weeks 2009: £1,322.6m Here are some of the highlights from 2009/10 financial year. Space (’000) sq ft* 5,473 52 weeks 2010: 5,473 52 weeks 2009: 4,825 Total Stores 1,018 52 weeks 2010: 1,018 52 weeks 2009: 957 Adjusted EBITDA £249.4m 52 weeks 2010: £249.4m 52 weeks 2009: £217.6m New Look Annual Report and Accounts 2010 Overview Overview operatinG And FinAnciAl hiGhliGhts New Look delivered impressive > 17.7% growth in underlying growth in underlying operating operating profit review Business profit despite a challenging trading > Group total revenue growth of environment. This is the result of our +10.7% strategy of opening profitable new > Record adjusted eBiTDA growth space, whilst always delivering of 14.6% to £249.4m ‘must have’ fashion and great value. > 61 new stores opened to reach Governance 1,018 globally > 602 UK stores (up from 586 a year ago) Financial statements Financial Adjusted EBITDA Total Revenue £m £m 2010 249.4 2010 1,463.6 £249.4m 2009 217.6 £1,463.6m 2009 1,322.6 +14.6% 2008 200.1 +10.7% 2008 1,169.1 2007 172.0 2007 1,022.8 Underlying Operating Profit Group LFL Sales Growth £m % 2010 162.7 2010 +1.2 £162.7m 2009 138.2 +1.2% -0.6 2009 +17.7% 2008 138.6 –2.8 2008 2007 121.2 2007 +0.7 Space (’000) Cash Generated Sq ft* £m 2010 5,473 2010 224.3 5,473 2009 4,825 £224.3m 2009 217.9 +13.4% 2008 4,085 +2.9% 2008 206.0 2007 3,340 2007 174.9 Total Stores ROCE** % 2010 1,018 2010 21.1 1,018 2009 957 +21.1% 2009 17.9 +6.4% 2008 885 2008 18.3 2007 823 2007 16.6 * Includes franchise trading space and is as at the financial period end. ** ROCE is our Return on capital employed, it is a non-iFRs measure which is calculated as underlying operating profit divided by average capital employed (net liabilities less financial liabilities and cash & cash equivalents). All other metrics are defined on pages 47 and 48. All metrics on this page represent the Group’s Keyp erformance indicators. 1 New Look Annual Report and Accounts 2010 Overview At A GlAnce New Look’s store‑based presence extended to 13 countries, of which four United Kingdom March 09 Mvt* March 10 were new markets entered stores 586 16 602 during the 2009/10 financial space 3,485 315 3,800 year (the Netherlands, egypt, Singapore and Poland). Netherlands March 09 Mvt* March 10 our most significant international markets are stores - 1 1 France, Belgium, the netherlands and ireland. space - 11 11 including our e-commerce capabilites, we now serve 35 markets, with plans to roll out to new territories. Group totals (including franchises) March 09 Mvt* March 10 stores 957 61 1,018 space 4,825 648 5,473 > s ee pages 22-25 and 34-37 for more information.
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