Fashion retailer Jigsaw’s sales have risen during the full year as its store estate continues to thrive despite declining profits.
Jigsaw reported a 2.3% increase in like-for-like sales for the 52 weeks to January 27, 2024, up £0.7m to £57.5m for the full year, which it said was “disappointing” and added that “work is underway to deliver improvements”.
EBITDA during the year fell from £3.6m in 2023 to £0.7m which the fashion retailer said reflects “increasingly challenging market conditions” during the second half of the year.
In a filing to Companies House, Jigsaw said its store estate remains “profitable” and that its physical presence remains “at the heart of the business.”
During the year, Jigsaw opened three new stores at Battersea Power Station, in Edinburgh and in Kingston, while also relaunching its international online business.
Jigsaw said it expects profitability to “recover over time” thanks to its profitable stores and booming online business.
During the year, former chief executive Beth Butterwick stepped down and Hash Ladha took the reins and remains on a mission to “clarify the proposition” and “refresh” the brand’s leadership team.
The fashion retailer said the results of Ladha’s work should be apparent from this autumn.
Ladha said: “Our focus continues to be to delight our customers and earn their loyalty, both in our stores and online.
“We have spent this year working to create a more robust business, focusing our product and brand proposition to appeal more strongly to our target customers.
“We are already seeing strong positive customer reactions to these initiatives, but it will take time for this to show in our financial results.”
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