- Jack Wills operating losses widen from £5.78m to £8.78m
- EBITDA jumps 12.8% to £8.1m
- Boss Peter Williams “pleased” with progress
Jack Wills has reported a widening in operating losses to £8.78m for the year ending February 1, 2015 despite a 12.8% jump in EBITDA.
Group turnover increased 2.1% to £132m during the year as the business opened nine new stores, taking its total to 79.
In November last year the retailer opened new stores in Singapore and Macau and believes there are “significant growth opportunities across the Asian market”.
Jack Wills’ profits were hit by disruption to its supply chain caused by outsourcing logistics to an external partner in September 2014. However, the retailer said logistics are “now running smoothly” and will serve its needs for the “medium term”.
Jack Wills founder and chief executive Peter Williams said: “I am pleased with the continued progress we have made during the year, particularly with our international expansion into new markets across Asia.
“The fact we recorded our 16th consecutive year of growth in a year when we had to deal with significant disruption in our supply chain is a tribute to the strength of the Jack Wills brand, and we continue to see further growth opportunities in the UK and internationally.
”During the last year we made a number of changes to our central operations and are confident that we now have the right partners in place to further develop the brand for the longer term.”