New Look hits sales 'sweet spot' as it mulls return to stockmarket

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The retailer, which will open a new flagship store in Oxford Street next month, today posted a 5.9 per cent jump in like-for-like sales in Britain for the 14 weeks to 2 January and said it was optimistic about the year ahead. It is considering a return to the stockmarket.

"We are in a retail sweet spot, linking value and newness," said chief executive Carl McPhail. "The value fashion sector has been growing rapidly in the last five years and we are growing even faster as we constantly give something new to our customers."

Christmas shoppers were able to buy clothes from fashion designer Giles Deacon's ninth New Look collection, called Gold, which was launched in November.

New Look, which is backed by private equity firms Apax and Permira, has appointed advisers about a potential £1.8 billion flotation, although Mr McPhail said it was undecided on an initial public offering: "We're considering our options — no decision has been made. What we've said is that we would be in a good position, but we'll take our time."

Total group sales surged 14.4 per cent as it opened stores across Europe, including 25 in Britain. Mr McPhail said its London shops have been star performers, especially Westfield which he believes has not poached shoppers from its West End site.

Mr McPhail was unfazed about the impact of rising youth unemployment on spending: "We do have a big slice of the younger market, but the average age of our customer is 34, so we're not too worried."

New Look has succeeded in stealing customers from rivals, becoming the second-biggest force in womenswear, with a 5.6 per cent share of the clothing, accessories and shoe market.