Jack Wills ended a challenging 2016 with a rise in sales and profit margins thanks to cutting back on discounts during the Christmas trading period.
According to The Times, the preppy fashion retailer had a one per cent up tick in like-for-like sales during December, while its profit margin increased by six per cent compared with the same period in 2015.
Co-founder Peter Williams, who returned to the helm of the company last year after a difficult few years for the British brand, said the latest trading update was boosted by the introduction of a women‘s activewear range – which was officially launched this month but first appeared on the racks in December.
Williams also teamed up with the private equity owner of London‘s Liberty department store, BlueGem Capital Partners, to gain a majority stake in Jack Wills after buying out longstanding shareholder Inflexion Private Equity in October.
The 42-year-old told The Times that he is now working to resolve the issues caused by an outsourced warehouse that led to a £15.1 million pre-tax loss in Jack Wills‘ financial year to January 2016.