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Jack Wills profits jump as it focuses on US expansion

Preppy young fashion chain Jack Wills has posted an increase in pre-tax profits of £3.8m for the year to January 31.

According to financial results posted at Companies House the retailer’s pre-tax profits grew to £10.4m up from £6.6m from the previous year. Turnover in the UK for the year grew from £64.7m to £92m for the twelve months to January 31 2011.

During the financial year 2010-11 Jack Wills opened six stores in the UK and relocated two others. Additionally it opened two Aubin and Wills stores and converted a further Aubin and Wills store to a Jack Wills store. In 2010 Wills also launched in the US, opening three stores.

Sales in the rest of the world grew from £1.05m to £1.65m during the period.

In the American market Jack Wills is reported to have hired James Hardy as president for its US operations as it continues to expand into the country following the opening of a further eight stores there this year. Hardy, previously senior vice president of Rugby Ralph Lauren, has held various positions at Ralph Lauren since 1998.

“Hardy brings a tremendous wealth of global experience to Jack Wills,” said Peter Williams, founder of Jack Wills. “His leadership and knowledge of the US specialty retail market will be strategically important to us as we continue our expansion in the US.”

Jack Wills is said to be scouting for sites in New York districts Manhattan and Greenwich. California is also said to be a priority for the retailer as it accounts for its biggest market on the company’s US website.

Williams said earlier this month that he wants to add another 10 stores to the 11 already operating in the US.

 

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