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Jaeger fails to plug losses despite sales increase

Jaeger reported a pre-tax loss of £7.9m for the year ending February 28, although sales increased 6% to £84.2m for the period, up 8% on a like-for-like basis.

The premium high street retailer reported that trading was impacted by the mild weather in September and October 2014, which particularly hit sales of coats and knitwear, and was compounded by competitor activity, according to new documents filed at Companies House.

Online sales increased by 42% on the previous year, with mobile and tablet sales increasing from 29% to 36% of all online sales.

The company launched a new website in February and said it expects online sales to grow at double-digit rates for the next few years.

Womenswear sales were 4% ahead of last year, while menswear sales were 15% up on the previous year.

New concept stores on the King’s Road in Chelsea and Belfast, which opened in September and November 2014 respectively, have performed ahead of the wider chain since launch last year.

Gross margin was down from 56% to 54% as the retailer offloaded stock to end the year with less than the previous year.

Last week Drapers revealed that Jaeger’s private equity owner Better Capital had ploughed a further £10m into the chain between May and October this year. This is in addition to £16m which was invested by its owner during the year to February 28, to refurbish stores and roll out new stores, as well as fund IT and web improvements.

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