
Jigsaw swung into loss in its last financial year, as it was impacted by investments in brand marketing and people that failed to pay off.
The fashion retailer made a pre-tax loss of £3.6m from a profit of £816,000 the year before. However, sales nudged up from just over £56m to £57m over the 12 months to the end of January.
EBITDA also sunk to just £700,000 from £3.6m the year, which it said reflected increasingly difficult market conditions that emerged during the second half of 2023.
In a Companies House filing, the retailer said profit was impacted as it invested in brand marketing and people to drive growth which “did not generate a return to the levels expected”. No further details were given.
The results come after the fashion brand hired former Oasis and Warehouse boss Hash Ladha as its new CEO last year, as Beth Butterwick stood down after three years.
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Despite the profit slump, Jigsaw highlighted product collaborations with fashion brand Roksanda and marketplace Collagerie, which it said helped to build brand reach.
It also flagged that its store estate remained profitable and continued to perform well, with the retailer having opened new branches in Edinburgh and Battersea Power Station and revamped existing stores.
Jigsaw recently expanded its Irish presence with Brown Thomas tie-up in September, with the brand now available to shop within the Limerick and Blanchardstown concessions, as well as online on the Brown Thomas website.
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