Jigsaw back in profit in latest half-year
Jigsaw looks to be on the recovery trail with the premium fashion retailer issuing a trading update on Monday that showed six consecutive months of profit in the period to October.
It didn’t give sales figures but it said it has reached EBITDA of £1.8 million (after a loss of £5.6 million) since stores reopened in April and “is in a strong position following the successful restructure of the business and a redesign of its store portfolio”.
The update came after the firm filed its accounts for the year to January 2021 at Companies House that showed it making an operating loss of £21 million.
But the more recent update is clearly good news for the firm that had struggled in the face of the pandemic and last year launched a CVA while closing some stores permanently. It now has around 40 stores.
It said its improved performance is due in part to that restructure of the business, which included significant investments in its digital capabilities. As a result, it now benefits from “a robust supply chain and stable labour force, and continues to see growth in its online sales channels”.
The company also redesigned its remaining store portfolio, “after extensive customer research” and said its shops “are now strategically positioned to reach heartland customers in market towns and regional centres, with Jigsaw relocating key stores in new locations and opening new stores in high-demand areas”.
It feels it’s currently in “a strong position to meet its ambitious growth and profit targets for 2022, which represent a significant turnaround to performance in recent years. New forward business partnerships and collaborations are part of the company’s key growth levers”.
CEO Beth Butterwick said: “We are confident and optimistic about Jigsaw’s future, and are pleased to see Jigsaw’s improved performance and profitability. We believe we are perfectly poised for future growth as an aspirational British, premium brand, accessible across multiple channels where we know our customers like to shop.’’
Copyright © 2022 FashionNetwork.com All rights reserved.