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Jaeger like-for-like sales up 10% as turnaround takes hold

Jaeger has reported a 10% rise in like-for-like sales for the year to March 1, 2014, as its five-year turnaround plan gathers momentum.

Total sales rose 12% to £79.4m for the full year while losses after tax narrowed to £9.9m from £12.6m the year before.

Gross profit increased to £44.4m from £41.6m.

Jaeger is one year into a five-year turnaround strategy designed to refocus on its British heritage and rebuild its brand appeal through initiatives such as reintroducing quality fabrics, investing online and revamping stores.

The company said the results were helped by a “strong trading performance” over Christmas 2013, with sales in December up 32% on the previous year.

Womenswear sales were 11% ahead of last year, driven by strong sales of dresses, which were up 28%, and outerwear, up 25%. Menswear sales increased by 12%.

Sales through stores increased by 15% and in concessions by 19%. Online sales rose 16% year on year, although Jaeger did not reveal the proportion of total sales that now come from online. Mobile sales doubled over the year and 24% of all online orders came from tablets – up from 16% the year before.

Jaeger said September and October 2014 were “challenging” due to mild weather but the performance of coats and knitwear was still up on last year.

Over the next four years the company plans to open stores in prime locations such as Bath, and seek to exit a small number of loss-making stores. During the last financial year, Jaeger exited underperforming stores in Liverpool and Cheapside in the City of London, in addition to stores in Marlow and Milton Keynes since March. A 2,000 sq ft store opened in Belfast today (November 27).

Chief executive Colin Henry said: “It has been another year of positive change at Jaeger, as we continue to refocus the brand on our premium British heritage, revitalise stores and build our online presence.

“Whilst the economic environment remains challenging and disposable income is under pressure, we have a strong and focused team in place which is committed to refocusing the business on our core UK customer base, enabling us to grow market share. However, it is still early days in our turnaround and further change is required.”

 

 

 

Readers' comments (3)

  • I think you might have got a digit in the wrong place for the profit?? Otherwise this is an extremely profitable business and I will have to increase my prices to Jaeger!!!!

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  • Shouldn't it be the year to March 2014 not 2013? The fact that they reference Christmas 2013 as helping implies that the date is incorrect.

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  • We have double checked with Jaeger and the gross profit for the year is correct at £44.4m.
    Thanks

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