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Jigsaw sales top £100m in record results

Annual sales at Jigsaw passed the £100m mark for the first time in the year to October 3, helping to triple its underlying earnings to £5.4m.

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Jigsaw Milton Keynes

The premium high street retailer, which has 71 stores and 37 concessions in the UK, said sales grew 18.5% to £104.9m during the period. Store like-for-likes were up 12.3%, while online sales grew by 23%. Sales at Jigsaw group-owned The Shop at the Bluebird rose 37%.

Jigsaw said its decision not to discount on Black Friday, as set out in a manifesto in mid-November, paid off; but it did not disclose figures.

The record results will drive Jigsaw’s retail growth, with a large focus of international expansion. It has 26 international stores and four concessions.

In the UK, the business added seven permanent stores and two pop-ups to its portfolio during the period and says more are planned for 2016.

Internationally, it opened its first concession in the Netherlands at De Bijenkorf department store in Eindhoven in November and will open others in Amsterdam and Utrecht to follow in 2016.

It also ran a pop-up at Galeries Lafayette in Paris, began wholesaling in Singapore through Robinsons department store and launched a concession in Johannesburg.

Jigsaw will begin trading from three concessions in US department store Bloomingdales in early 2016, followed by a store opening in Saudi Arabia in the summer.

It has also reclaimed its Australian license and plans to launch an owned retail operation there next year.

Chief executive Peter Ruis said he was “delighted” with the progress the business has made. The annual results mean he has achieved the turnover goal he set out to Drapers not long after he was appointed in 2013.

Last month Jigsaw won Best Fashion Marketing Campaign at the 25th Drapers Awards in London.

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