(Adds detail, CEO comments)
LONDON, June 3 British fashion retailer New Look
ruled out having another attempt at a stock market listing for
at least another year, though it said it may sell its
loss-making French unit Mim.
The firm, owned by private equity groups Apax and
Permira as well as founder Tom Singh, pulled a planned initial
public offering (IPO) in 2010 amid turbulent financial markets.
"I think once we have implemented all of the things that
generate value, then an IPO could be a viable option but I don't
see that happening in the foreseeable future," Chief Executive
Anders Kristiansen told reporters on Tuesday.
He said that meant at least 12 months.
The group's strategy is to focus on building and developing
the New Look brand in the UK, online and internationally in four
countries - China, Poland, Russia and Germany.
On that basis it is looking at a possible sale of the
356-store Mim business it bought in 2000.
Kristiansen said New Look had already received interest from
He was speaking after the company reported a 5.8 percent
rise in underlying earnings to 200.2 million pounds ($335.5
million) in the year to March 29.
However, New Look made a pretax loss of 55 million pounds
after booking an impairment charge of 64.2 million pounds to
write down the value of Mim's net assets. In 2012-13 the group
made a pretax profit of 3.1 million pounds.
New Look, trading from over 1,100 stores in 24 countries,
grew annual sales 3 percent to 1.53 billion pounds, with sales
at stores open over a year up 2.2 percent and e-commerce sales
jumping 63.9 percent. Gross margin was broadly flat at 52.7
($1 = 0.5968 British Pounds)
(Reporting by James Davey; editing by Kate Holton and Louise