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Fashion retailer New Look has reported an increase in profits as it pushes ahead with plans to turn around its fortunes by closing stores, cutting jobs and broadening its appeal.

In the 13 weeks up until 23 June, New Look said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), rose 1.5% to £27.7m.

Investors look to EBITDA as their preferred measure of profitability as it strips out the cost of restructuring, giving them a better understanding of a company's performance.

While revenue fell 2.7% to £329.4m, underlying operating profit rose 19% to £14.4m.

New Look tumbles to 拢234m loss as sales slump

Troubled high street retailer New Look has slumped to a 拢234m annual loss but says its turnaround is on track as it seeks to switch focus from edgy fashion to offer basic cheaper clothes.

As part of its recovery plan, New Look is closing 70 stores through a Company Voluntary Arrangement (CVA), which will see the loss of 1,000 jobs.

CVAs have been used by Mothercare and Carpetright to stabilise their businesses as they face more competition online and consumers tighten their belts.

The company, which has seen an increase in customers coming into its stores as click-and-collect sales rose 40%, said it had made cost savings of £70m and had identified additional savings.

Tom Singh, one of Britain's richest Asian entrepreneurs and founder of New Look, persuaded Alistair McGeorge to return to the business he ran between 2011 and 2013 in order to lead the recovery.

New Look wins creditors' support for store closure plan

New Look's plan to close 60 stores and cut up to 980 staff as part of a rescue package has received overwhelming support from its creditors.

Mr McGeorge said: "We previously said that our focus is to achieve financial and operational stability.

"In Q1 we made good progress in stabilising profits and delivering on our cost savings plan, with encouraging green shoots seen in womenswear.

"As we recover the broad appeal of our product, we were pleased to improve our market performance and deliver better customer conversion rates.

"This shows the strength and resilience of our brand, and the positive impact of the changes we are making.

"Our turnaround plans continue, and we will deliver further operational efficiencies whilst maintaining our resolute focus on our core strengths and heartland customer to ensure we remain on the right track."