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Jigsaw reported on 30 October that sales during the year to 27 January 2024 increased by £0.7m, or 2.3% on a like for like basis, and margin increased by £0.4m.
However, EBITDA fell to £0.7m, reflecting increasingly challenging market conditions that emerged in the second half of 2023, it said. In the year to 28 January 2023, EBITDA stood at £3.6m.
However, now “with a good infrastructure of profitable stores in place and a strengthening online business, management expects EBITDA to recover over time,” its statement said.
CEO Hash Ladha commented: “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.”
“The business has taken a range of steps since the end of the year and is confident these will create a robust and resilient business, which appeals to existing customers as well as attracting new customers,” its statement added.
In November 2023, Hash Ladha took up the role of CEO, replacing Beth Butterwick and “immediately set about refreshing the leadership team and restructuring the business across all areas to align the cost base to the business objectives,” Jigsaw said in the statement.
Three new stores were opened during 2023, in Battersea Power Station, London, Edinburgh and Kingston, Surrey, Jigsaw said in the update.
Jigsaw also relaunched its international online business in 2023, with customers reacting well across multiple markets, it said.
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