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Jaeger turnaround continues as Christmas sales rise

Jaeger posted a strong performance over the festive period as the retailer’s turnaround plan continues to take hold, with like-for-like sales for the 13 weeks to January 3 increasing by 8%.

Total sales for the period were up by 8.3%, while online sales soared by 78%. Click-and-collect also proved important in the run-up to Christmas for Jaeger with sales using the service up 82% on 2013.

Womenswear sales were up 6%, outerwear sales increased by 18% and cashmere sales increased by 91% over the quarter. Menswear sales were up 14%, while sales of accessories increased by 4%. The ‘made in UK’ range increased to 5% of products, from 1% in 2014.   

However, margins at the retailer were reduced due to greater promotional activity.

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 new concept King’s Road store performed strongly with sales up 16% since refurbishment in September 2014. In the Belfast store, which relocated to Arthur Street in November, sales increased by 21%. John Lewis concessions saw a 20% rise in sales.

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.

Colin Henry, chief executive, said: “While we are still in the early stages of our five-year turnaround, the improved performance from Jaeger online and at our new concept stores shows our strategy is paying off. The consumer environment remains challenging, and there is still a lot of work to do in transforming our store portfolio, building the brand and refining our online and in-store offer. However, this performance gives us confidence as we enter 2015 and continue to develop the Jaeger brand and progress with our strategy.”

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