Jigsaw, the fashion brand owned by Robinson Webster (Holdings), has announced positive sales and profit growth for the year ending January 2022. Despite facing significant challenges, including store closures and decreased demand, due to the COVID-19 pandemic, Jigsaw has successfully adapted to the changing market and experienced a stronger year.

One of the key highlights of Jigsaw’s financial results is the improvement in its profitability. On an EBITDA basis, the company achieved a profit of £2.8 million, a significant improvement from the previous year’s loss of £18.7 million. It also reported an operating profit of £1.2 million, compared to a loss of £21 million in the previous year. Although its net profit figure remained a loss of nearly £1.3 million, this was a considerable improvement from the £8.7 million deficit of the previous year.

The positive financial results can be attributed to several factors, including increased revenue, improved margin, and cost reduction. Jigsaw’s revenue for the year reached £47.681 million, up from £38.691 million the previous year. The company aims to continue this positive trend and has set ambitious growth and profit targets for the current year.

During the first quarter of the financial year, Jigsaw’s retail stores were closed due to COVID-19 restrictions. However, the company utilized this period to restructure its operations and clear excess stock. As a result, when its physical stores reopened over a year ago, Jigsaw had a leaner cost base, contributing to its improved financial performance. The brand’s retail stores exceeded expectations, and customers eagerly returned to physical shopping, highlighting the importance of a physical presence for the brand.

As part of its restructuring process, Jigsaw reduced its store estate from 56 to 43 by the end of the financial year. However, the company has no intention of maintaining this reduced number and has already begun rebuilding its store portfolio, focusing on key locations. It is also refurbishing many of its stores to enhance the customer experience.

In addition to its store-focused efforts, Jigsaw has also made significant advancements in its digital capabilities. The company successfully re-platformed its website using Shopify Plus without any disruption to trading. It also conducted extensive research to better understand its target customers’ preferences and has started selling its products through partnerships with M&S and Next. Jigsaw plans to continue enhancing its digital capabilities, expanding its store portfolio, and reintroducing international expansion in the future.

Overall, Jigsaw’s positive financial results and ambitious growth plans demonstrate its resilience and adaptability in the face of challenges. The brand’s ability to evolve with changing market trends and focus on both its physical stores and digital capabilities positions it for continued success.

Useful links:
1. Jigsaw Official Website
2. Shopify Plus