// Jigsaw bounced back into the black, making a £1.2million profit in 2021 compared to a £21million loss the previous year
// The retailer closed a tranche of stores but those that remained opened beat expecations. Its digital investment also drove growth
Fashion retailer Jigsaw returned to profit last year as store closures and investment in digital paid off.
The retailer made a £1.2million profit in 2021, compared to a £21million loss the previous year, while EBITDA also rebounded from a £18.7million loss last year to a £2.8million profit.
The improved performance was due to “a successful restructure of the business and investment across digital, stores and management”, according to the retailer.
Jigsaw closed almost a quarter of its stores over the year, reducing its portfolio from 56 to 43.
At the same time it pushed ahead with a new “digital-first” strategy, developing a new web platform on Shopify Plus and recruited digital marketing executives to lead its online charge.
The retailer said ecommerce delivered “strong growth” and its remaining stores “outperformed expectations” as shoppers were keen to return to the high street once Covid restrictions were lifted.
READ MORE: Jigsaw appoints former Karen Millen chief as new CEO
Jigsaw also started selling its products through M&S and Next over the year.
The retailer said it expected to “deliver better returns” again in 2022 as chief executive Beth Butterwick claimed: “this is just the beginning”.
She said: “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.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
