- Full-year post-tax losses narrow to £7m
- Sales up 6% to £84.2m
- Like-for-likes rise 8%
Jaeger has reported a slight narrowing of losses after a rise in sales, while the fashion chain’s owner explores options for the future of the business.
Jaeger’s post-tax losses in the year to February 28 were £7m, down from £9.9m the previous year. Total sales rose 6% to £84.2m, while like-for-like sales increased 8%.
The retailer said a warm autumn had left stores with excess stock, particularly in womenswear, with gross margins down by 2% year on year.
Jaeger’s private equity owner, Better Capital, is reported to be on the lookout for a buyer for the chain, and has appointed turnaround consultancy AlixPartners to explore options.
Jaeger is to vacate its Regent Street store after 80 years trading on the street, while chief executive Colin Henry unexpectedly quit in September.
The retailer has 64 standalone stores and its clothes are sold in premium department stores across the UK.