Jack Wills back in the black
British-based retailer Jack Wills is back in profit, according to City AM.
Following problems regarding the outsourcing of its distribution centre earlier in the year and subsequent efficiency programmes the company has since made an operating profit of £730,000 in the year to January, versus a loss of £13.8 million in 2016.
Sales advanced four per cent to £142 million, from £137 million.
Jack Wills was the subject of a buy-out by former founder Peter Williams who returned to lead the company in 2015. Williams partnered with private equity house BlueGem for the buy-out.
“Momentum has very much returned to the business and this is evident from the overall improvement in, and return to, profitability,” commented Williams to CityAM.
“This momentum of profit improvement is continuing through the current financial year, helped by our efficiency programmes and our deliberate strategy to reduce promotional activity, which improved margin.
“Despite the tough consumer environment and focus on reducing promotions, revenue is up 4% with our multichannel model giving customers ultimate flexibility on how and where they engage with the brand.
“We are strengthening and growing our presence in the UK and overseas and today ship to a record 130 countries worldwide.
Williams concluded: “We are working on a number of exciting initiatives and will open an additional 10 stores this year.”