Jigsaw targets new growth plans following return to profit

Jigsaw has published its results for the year to the end of January 2022, revealing a return to profit after facing major challenges in recent years.

Jigsaw made an operating profit of £1.2 million in the 52 week period, compared to a loss of £21 million in the same period last year. Sales jumped from £38.7 million to £47.7 million, while pre-tax losses reduced from £8.7 million to £1.3 million.

EBITDA profit came in at £2.8 million, compared to an EBITDA loss of £18.7m the year before.

Jigsaw cited its financial performance to a "successful restructure" and investment across its digital strategies, physical stores and management. The company's restructuring process saw Jigsaw cut the number of stores from 56 to 43 as it began selling via Next and Marks & Spencer's online platforms.

The company also re-platformed its website via Shopify Plus, with plans to focus on its womenswear business, expanding its store portfolio and returning to international expansion.

Looking forward, Jigsaw expects 2022 results to perform in line with expectations of "ambitious growth and profit targets" for the current year.

Beth Butterwick, CEO of Jigsaw, said: "We are pleased to see Jigsaw’s improved results following the careful execution of our new business plan; and this is just the beginning. With last year’s investments delivering this year, our focus is now on future growth, building out our digital capabilities, store portfolio and team expertise further over the next 12 months. I am so grateful to our wonderful team who worked exceptionally hard to get us through the pandemic and out the other side, in significantly better financial health than when Covid first hit."