Fashion retailer Jaeger has reported improved annual sales and reduced losses as its turnaround programme bears fruit.
Jaeger, controlled by private equity house Better Capital, generated a 12% rise in sales to £79.4m in the year to March 1. Like-for-likes advanced 10%.
The loss after tax fell to £9.9m from £12.6m the previous year.
Jaeger is a year into a five-year revival strategy designed to refocus on its British heritage and rebuild its brand appeal through initiatives such as reintroducing quality fabrics, investing online and sprucing up stores.
Last year online sales climbed 16% and Jaeger, which expects store numbers to remain stable at about 64 for the next four years, unveiled a new-model store on London’s King’s Road.
Sales at the King’s Road branch have risen 24% since the overhaul, and the look will be replicated in new stores this year including one in Belfast opening today.
Since the year end Jaeger reported that it has, like other fashion retailers, been hit by mild autumn weather but coats and knitwear have still fared better than they did last year.
Jaeger chief executive Colin Henry said: “It has been another year of positive change.
“Whilst the economic environment remains challenging and disposable income is under pressure, we have a strong and focused team in place which is committed to refocusing the business on our core UK customer base, enabling us to grow market share.
“However, it is still early days in our turnaround and further change is required.”
Better Capital founder Jon Moulton said: “We are pleased with the steady progress that Jaeger has made in the last year.
“The company has made headway on its five-year strategy to refocus on its core customers, which is visible in the autumn/winter 14 collection with more product of UK heritage, and increased use of natural fibres.
“We continue to be supportive of the business having invested a further £16m since the year end.”
Once Jaeger has achieved its strategic targets in the UK it will seek to expand internationally.