Jaeger more than halves losses as trading improves in year to February 23

The fashion retailer revealed losses shrank 63% in the period. However, sales fell 17% to £70.7m, while gross profit also dropped 17% to £40.9m from £49.3m last year.

It is the first full year filed under new owner Jon Moulton’s private investment vehicle Better Capital, which acquired the retailer in April 2012 from Harold Tillman.

Jaeger chief executive Colin Henry, who joined the retailer in July, said it had been a “challenging” year for the business.

But he added the current trading environment was more positive. “We are pleased by the early signs of an economic uplift and our autumn-winter collection has performed better than previous seasons,” he said.

Henry said that Jaeger has a new “clear strategy” which will focus on the core Jaeger heritage brand and move away from its unprofitable sub-brands. He also said it will turn its focus on the customer and design to drive growth.

During the year Jaeger consolidated operations and relaunched the Jaeger website. Better Capital also invested in the retailer, which it says has given it financial stability, creating a “solid platform for growth”.

Jaeger said trading in department stores has “significantly” improved and the refurbishment of the Regent Street flagship has led to a sales uplift at the store.

Jaeger said: “The company now feels well positioned for the future and on the right trajectory for profitable growth.”

Henry replaced chairman Stuart Binnie who was brought in to drive a turnaround of the business but left in March after nine months. Since joining, Henry has restructured the team, hiring three new directors, although this led to the departure of chief operating officer Carolyn Springett who had been at the retailer for 12 years.

Henry added: “I have significantly strengthened the team and we are relentlessly focused on returning Jaeger to its position as one of Britain’s best loved, premium heritage brands.

“It is early days and there is still an enormous amount of work to be done but we now have a talented team and clear strategy in place to deliver on our plans.”