// Pandemic dents Jigsaw sales by £31m, according to accounts filed at Companies House
// 60% of its sales last year were generated through its online channels, due to lockdown restrictions
// Jigsaw also confirmed it has completed its CVA and restructuring process
Jigsaw has revealed that it lost around £31 million in sales as Covid lockdowns and tiering systems took its toll on the fashion retailer last year.
According to accounts filed at Companies House, Jigsaw said 60 per cent of its sales last year were generated through its online channels, partly due to its digital-first strategy and also because of its 77 stores and 42 concessions in the UK and Ireland being shut at various points in the last 11 months.
Jigsaw parent company Robinson Webster had filed its accounts for the year to February 2020, but in it they also provided insight into how it has been trading since the pandemic struck after that period.
READ MORE:
During the last year ending February 1, 2020, Jigsaw reported higher sales – although this period covered 70 weeks rather than the usual 52, due to a change of ownership that saw investor Best Dressed Group (BDG) became its majority shareholder.
Jigsaw said total turnover was £128.9 million in the 70-week period, compared to £102 million in the year prior. Like-for-like sales were not provided.
Meanwhile, group operating loss was narrowed down to £4.9 million, compared to the £9.5 million it lost in the prior, shorter financial year.#
Underlying adjusted EBITDA with exceptional costs included came in at a profit of £500,000, an improvement on the loss of £400,000 in the year before.
The reported loss narrowed to £9.18 million from £9.88. million, while gross profit margin in the extended period fell to 62.5 per cent from 63 per cent the year prior.
The accounts also indicated that BDG funded Jigsaw with an extra £5 million, as did founder John Robinson.
In its current year, which factors in the pandemic, Jigsaw said that despite the blow to sales it has completed its restructuring and CVA, and that the retailer was a strong position for the challenges that lie ahead.
It also exited the Australian market, while also axing the menswear category and some under-performing concession partners. Jigsaw shut its American business in 2019.
Click here to sign up to Retail Gazette‘s free daily email newsletter
