New look at New Look
Article Date: May 01 2001High street fashion retailer New Look has reorganised its board in order to improve its fortunes following a recent profits warning.
New Look (NEW) non-executive John Grieves has been appointed non-executive chairman in place of Howard Dyer. Carl McPhail, currently Selfridges' retail operations director, will become group operations director within the next six months.
The changes at the top come a month after the group issued a profit warning. At 70.5p, fully listed New Look is expected to make no more than £34 million profit in the year to March 2001 against a forecast £40 million.
Recent trading has been weak. UK sales for the ten week period to 24 March were 0.2 per cent down on a like-for-like basis against the same period last year.
New Look chief executive Stephen Sunnucks says the management changes should help 'drive improved performance' as the group addresses its problems. Sales performance has been particularly poor in its smaller stores and the group is trying to increase the overall size of its stores.
As part of the board reshuffle managing director Philip Wrigley will take on the responsibility for supply chain management and retains marketing responsibility.
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