Jack Wills was hit by a full-year loss in its latest financial figures as it emphasised on the decline of the UK high street. The fashion retailer suffered an EBITDA loss of £7.5 million in the year to January 28, 2018, compared to a profit of £6.3 million in the previous year, according to Companies House. Meanwhile, sales declined by 1.1 per cent to £129.3 million thanks to a ‘challenging year’.
A Jack Wills spokesperson said:
‘It is true that 2017/18 was a challenging year for Jack Wills but the business has moved on significantly since then. The improved processes and tighter financial disciplines we have put in place helped halve the EBITDA loss for 2018/19.’
‘Looking forward, Jack Wills recently completed a significant refinancing, with continued support from our major shareholder, BlueGem. This puts us on a firm footing as we seek to return to sustainable growth by improving our product range and re-engaging with customers via the right channels. We have moved to a standard corporate structure where the only stat directors are the CEO and CFO.’
