Losses at Robinson Webster Holdings, the parent company of womenswear retailers Jigsaw and Kew, almost doubled last year as a result of a currency fluctuations, deeper discounting and disposal of excess stock during the recession.
Losses for the 53 weeks to October 3, 2009, stood at £7.3m, compared with £3.7m the previous year, according to figures filed at Companies House. Group turnover was largely flat at £77m, compared with £76.9m in 2008.
The Cabbages & Roses brand was the only subsidiary company to turn a profit, making £234,000, compared with a £267,000 loss last time. Kew’s loss deepened by 9% to £2.4m; losses at designer store The Shop at Bluebird were flat at £1.1m; Jigsaw made an unspecified loss.
The company said there had since been a “significant turnaround” since the year end but declined to give current figures. The group said in March this year that like-for-like sales in February were up 5.5% at Jigsaw and 14.1% at Kew.
The company restructured last year, setting up an associated company to control non-retail divisions of the business and allow the core company to focus on retail only.
A Jigsaw spokesman said: “We hope to have positive news to report at year-end. In the meantime, the company remains debt-free, with a strong balance sheet.”