Jigsaw has reported “encouraging early signs” despite a recent dip in profit margins, showcasing efforts to rebuild strength.
- In the year ending 27 January 2024, Jigsaw’s sales rose by £0.7m, reflecting a 2.3% increase.
- Though EBITDA declined to £0.7m from £3.6m in the previous year, Jigsaw remains optimistic about recovery.
- CEO Hash Ladha has been pivotal in restructuring the business, aligning it with core objectives since his appointment.
- The retailer opened three new stores and relaunched its online business, noting positive customer reactions.
Jigsaw, a noted womenswear brand, announced that while profits have fallen over the past year, there are “encouraging early signs” of improvement. The company reported a 2.3% rise in sales, with revenues increasing by £0.7m in the year to 27 January 2024. Despite this positive growth in sales, the company faced challenges in profitability, with EBITDA falling to £0.7m from £3.6m over the same period, attributed to challenging market conditions seen in the latter half of 2023.
In response to the financial dip, Jigsaw has focused on strengthening its business infrastructure, both in-store and online. The brand is committed to creating a more robust and appealing product for its customers. CEO Hash Ladha underscored the importance of customer satisfaction and loyalty, stating that efforts have been made to refine the product and brand proposition to better engage their target market.
A notable strategy under Ladha’s leadership has been restructuring the leadership team and aligning business costs with strategic objectives. Appointed in November 2023, Ladha swiftly initiated significant changes aimed at positioning Jigsaw for long-term resilience and growth.
Part of this strategic overhaul included the opening of three new store locations in Battersea Power Station, London, Edinburgh, and Kingston, Surrey. Additionally, Jigsaw has revitalised its international online presence, witnessing favourable feedback from customers across various markets.
The company’s statement expressed confidence in these changes, stressing that the steps taken would not only solidify existing customer relationships but also attract new clientele.
Jigsaw remains optimistic that its strategic initiatives will lead to financial recovery and sustained growth.
