High street fashion chain New Look has fallen deeper into the red as pre-tax losses hit £522.2 million according to its latest figures - up from £190.2 million the previous year.
This rise was largely driven by a £402 million write off of goodwill and brand value.
But despite the rise in pre-tax losses for the year to March 30, the shop was confident it could turn things around.
New Look said its fall in sales had slowed and performance at the operating level improved - with underlying profits of £33.2 million there.
Core like-for-like sales in the UK and Ireland were down 1.6% this year, compared to 11.6% the previous year.
Group-wide annual revenues fell 3.8% to £1.2 billion as less profitable stores closed.
New Look executive chairman Alistair McGeorge said the group was making progress in its overhaul, but stressed there is "more work to do".
"Whilst New Look enters the new financial year in a fundamentally healthier and stronger position, in many respects today marks the starting line," he said.
"We have more work to do to enhance trading and deliver further operational improvements as we continue our turnaround plans."
He added: "We expect the retail environment to remain as challenging as ever in the year ahead, with continued Brexit uncertainty and unseasonable weather impacting current trading."
McGeorge also admitted that the group's recent woes had affected its ability to hire new talent, although he cheered the appointment on April 1 of former House of Fraser boss Nigel Oddy as chief operating officer.
Founder Tom Singh also recently announced plans to retire at the end of June.
The chain has upended its leadership team after completing £1.3 billion in debt refinancing last month as part of its turnaround plans.
It has also closed more than 80 stores as part of a Company Voluntary Arrangement (CVA) and has retrenched from overseas markets such as China and eastern Europe.
The group said it was ahead of plan with cost savings of more than £80 million and was eyeing further efficiencies in the new financial year.
