Jigsaw rebounds from losses with sales growth and UK store push

Jigsaw reported an EBITDA loss of £3.5 million for the 61-week period from January 2024 to March 2025, on sales of £52.2 million.

In response, the board conducted a strategic review and determined that a fundamental reset was required.

This led to the implementation of a turnaround plan, supported by shareholders, including a recapitalisation and a further equity injection after the period end to stabilise the business and fund its recovery.

A key element of this strategy has been leadership change. Under new management, led by Managing Director Tikki Godley, the company has refocused on product quality, fit and fabric, alongside a more disciplined approach to design, development, merchandising and cost control.

The business also recently appointed Lisa Butler as Retail Director, though she stepped down shortly after joining. The company noted that her brief tenure contributed to early plans for expanding its physical retail presence.

Jigsaw has since committed to opening 10 new stores across the UK as part of efforts to strengthen its bricks-and-mortar footprint.

More recent trading has shown improvement, with autumn/winter 2025 revenue increasing by 26% and profit margins rising by 35% year-on-year.

The company attributed this to stronger full-price sales and tighter stock management, indicating a recovery in customer demand across channels.

Majority shareholder David Ross said: "Whilst these results are disappointing, the business has since been restructured and implemented a turnaround plan that is already yielding positive results. Our plans to open 10 new stores in the coming months are a reflection of how far Jigsaw has come."