Camera specialist Jessops expects to make an EBITDA profit in the year to January 2, after making a £41m loss last year. The retailer has also bolstered its management team as it gears up for growth.
Chief executive Trevor Moore said the retailer cut its costs following its delisting from the London Stock Exchange in January, and as a result expected to be EBITDA positive. He would not confirm whether it would make a pre-tax profit.
The £41m loss from the year before included restructuring costs associated with delisting.
Moore said Jessops had grown its market share during the year.
He expects Christmas sales would be up on last year, but was cautious due to the weather: “We’re expecting more online sales and a rush in the last seven days if it snows again.”
He said Jessops had notched up “single digit” like-for-like growth this year. Its 25 new format stores are understood to be trading double digit up on last year. Jessops will open 10 new-format stores next year.
Jessops has poached Jo Boydell, director of finance at Mothercare, as its finance director. She joins in the first quarter of next year. It has also hired Ian Warwick as business development director in September, from jeweller Aurum. Sean Emmett joined as marketing and ecommerce director in the summer, having previously headed up ecommerce for M&S’s Per Una brand.
Online sales are 100% up on last year, after the relaunch of the website in the second half.
Jessops concluded a life-saving debt-for-equity swap last year, which resulted in HSBC holding a 47% stake. Moore insisted: “There’s a place for a specialist like Jessops that is a true multichannel retailer.”
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