Jigsaw reports strong Christmas following full year profits rise

In the five weeks to December 28, Jigsaw like for likes surged 17% despite competing in a “climate of aggressive discounting on the high street”, the retailer said.

Web sales were up 39% over the Christmas period.

In the year to September 28, Jigsaw generated net profit of £1.9m. Sales increased 7% to £64.2m while online sales jumped 36%.

Net trading margin improved by 160 basis points. Jigsaw said its balance sheet remains finance debt free.

Jigsaw chief executive Peter Ruis, who joined from John Lewis last year, said: “We are pleased with the progress we have made during this period. Trading conditions remain challenging but we are optimistic for the current financial year. The focus will be on continuing to bring innovation to our customers, in both bricks and clicks, enhanced by significant investment over the next 12 months.”

The retailer will open a new 6,000 sq ft flagship store in April in an undisclosed location in London’s W1 post code.

Ruis added:  “This exciting new store will be a radical departure, and begin the journey to re-define Jigsaw for the next decade. Following on from our heritage of unique retail design, it will be the first time our customer can access every element of the Jigsaw empire under one roof.”