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13th June 2018
05:50pm BST
The brand said that pricing will be "lowered to offer significantly better value with 80 percent of product to retail under £20".
The annual report explains that for the past year, sales are down by 11.4 per cent.
As per the breakdown, this means that sales in the UK are down by 11.7 percent while sales from the New Look website are down 19.2 percent.
Interestingly, sales via third-party websites, the likes of ASOS for example, are up by 15.5 percent. Commenting on the measure to lower prices, Alistair McGeorge, Executive Chairman, said:"Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance. "Since November, we have focused on making the necessary changes to get the company back on track and reconnect with our customers. Our turnaround plan is now well underway, and we have already made substantial operational improvements to help stabilise the business, reduce our fixed cost base and put us in a better position to drive future full price sales".Earlier this year, New Look announced plans to close 60 stores and it has been a tough time for the high-street overall with House of Fraser and M&S also announcing plans to shut a number of branches.
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