Robinson Webster Holdings, the parent company of womenswear retailers Jigsaw and Kew, said pre-tax losses nearly doubled last year as a result of currency fluctuations, deeper discounting and disposal of excess stock during the recession.
Losses for the 53 weeks to October 3 stood at £7.3m, compared with £3.7m the previous year, according to figures filed at Companies House. Group turnover was flat at £77m.
Cabbages & Roses, which is sold in Jigsaw stores and via mail-order, was the only subsidiary to turn a profit, making £234,000 compared with a £267,000 loss last year. At Kew, losses deepened by 9% to £2.4m. Losses at London designer store The Shop at Bluebird, which is also owned by Robinson Webster, were flat at £1.1m, while Jigsaw made an unspecified full-year loss.
Robinson Webster restructured during the year, creating a new separate company to control its non-retail divisions, thereby allowing the core company to focus on retail.
In a statement, Robinson Webster said there had been a “significant turnaround” since the year end but declined to give current figures. The group said in March that like-for-likes in February were up 5.5% for Jigsaw and 14.1% at Kew.
A Jigsaw spokesman said: “We hope to have positive news at year end. The company remains debt free with a strong balance sheet.”