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New Look to raise prices as the cost of cotton rockets

first_img Tags: NULL New Look to raise prices as the cost of cotton rockets KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still whatsapp Show Comments ▼ whatsappcenter_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndo BUDGET retailer New Look yesterday warned that its prices would be hiked by up to eight per cent as the cost of cotton continued to surge. The company, which provides cut-price fashions to young shoppers, saw UK sales drop 4.5 per cent in the 26 weeks to 25 September.Chief executive Carl McPhail said price rises were inevitable, but said that the sales fall came against very strong comparative figures for the year before.New Look, which is owned by private equity firm Permira and Apax Partners, postponed a float planned for February after volatile markets saw it pull back.McPhail said: “We are not ruling out a float in the future but we do not have to do it. We have a very strong cash position.”He also said Britain’s second-biggest womenswear retailer by value of sales was gaining market share and its internet business was closing the gap on online specialist ASOS. Meanwhile international sales, which account for about 23 per cent of the total, climbed 2.4 per cent on a like-for-like basis. New Look, which runs over 1,000 stores in Britain and abroad, said in February it had hoped to raise £650m in its planned flotation, to reduce its £1bn of borrowings.But investors were wary of the plan, particularly after department store chain Debenhams returned to the stock market in 2007 laden with debt and saw its shares plunge. Primark earlier this week said that the soaring price of cotton was hitting its margins. Thursday 11 November 2010 7:57 pm Sharelast_img

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