Jigsaw has today published its financial results for the 61-week period from January 2024 to March 2025. The group reported an EBITDA loss of £3.5m during this period, on sales of £52.2m.
Following this period, the Board conducted a thorough strategic review and concluded that a fundamental reset, via a turnaround plan, was necessary. The plan involved significant changes in both leadership and strategic direction, underpinned by a firm commitment from shareholders to support the business through its recovery. Shareholders recapitalised the business through significant financial support, followed by a further equity injection after the period end, providing the financial platform necessary to execute the turnaround plan.
Central to the refreshed strategy was the appointment of new personnel to lead the business. Under new management, the business has sharpened its focus on product, fit, and fabric to reconnect with customers. A more rigorous approach to design, product development, and merchandising has been combined with tighter cost and operational discipline.
The new team’s execution of the turnaround plan, led by new Managing Director Tikki Godley, together with the support of the board and shareholders, has led to swift and tangible results.
Jigsaw’s Autumn-Winter 2025 season trading period has seen revenue rise by 26% and profit margins improve by 35% year-on-year, driven by strong full-price sales and more disciplined stock management. This performance reflects renewed and growing customer demand for the brand across all channels.
Building on this momentum and with confidence in the turnaround plan’s strategy, Jigsaw has committed to opening 10 new stores across the UK, expanding its physical retail footprint and bringing the brand experience closer to its growing customer base.
Majority shareholder David Ross said: “Whilst these results are disappointing, the business has since been restructured and implemented a turnaround plan that is already yielding positive results. Our plans to open 10 new stores in the coming months are a reflection of how far Jigsaw has come.”
