Jigsaw has observed promising developments following strategic changes.
- Sales increased by £0.7m, or 2.3%, but profits decreased.
- CEO Hash Ladha expressed optimism about long-term growth.
- New stores and international online expansion were key initiatives in 2023.
- Management remains confident in future financial recovery.
Jigsaw has noted encouraging developments as a result of strategic adjustments, despite a reported decline in profit for the fiscal year ending January 2024. Sales rose by £0.7 million, translating to a 2.3% increase on a comparable basis. Margin saw a rise of £0.4 million, although EBITDA fell significantly to £0.7 million due to intensifying market challenges that surfaced in the latter half of 2023. Last year’s EBITDA stood at £3.6 million.
In response to these challenges, the company’s management expressed optimism for future EBITDA recovery, citing a solid foundation of profitable stores and a growing online presence. CEO Hash Ladha articulated the company’s commitment to delighting customers both in physical stores and through their online platform. Efforts throughout the year have been directed towards fortifying the business by refining product and brand propositions to better resonate with target customers. “We are already seeing strong positive customer reactions to these initiatives, but it will take time for this to show in our financial results,” stated Ladha.
Since assuming the CEO position in November 2023, Hash Ladha has promptly initiated a leadership overhaul and restructured the organisation to better align costs with business goals. Jigsaw has also expanded its physical footprint by opening three new stores located in Battersea Power Station, London, Edinburgh, and Kingston, Surrey. The relaunch of its international online business further extended its market reach in 2023, garnering a favourable reception from a diverse customer base.
Despite the current financial outcomes, Jigsaw remains steadfast in its strategy and anticipates that these initiatives will solidify its competitive position. The steps taken are expected to attract new customers while retaining the loyalty of existing ones, thereby establishing a more resilient business model for the future.
Jigsaw’s strategic pivot points to a robust path forward as it navigates market challenges.
