Fashion retailer, Jack Wills, has reported an increase in group turnover of 2.1% to £132.0m for the year to end 1 February 2015 – its 16th consecutive year of growth.
EBITDA increased by 12.5% to £8.1m compared to £7.2m last time.
The retailer opened nine new stores during the year, bringing the total of company owned stores to 79.
Sales were driven by growth of the Jack Wills brand in the UK, USA and across Asia. In November 2014, the company opened new stores in Singapore and Macau for the first time and said it continues to see significant growth opportunities across the Asian market.
In September 2014, the Group’s distribution operations were outsourced to an external logistics partner as part of the retailer’s strategy to improve the operations of the business. Initially the transition to a new distribution partner caused some short term operational issues. However, operations are now reported to be running smoothly. Jack Will said this had a negative impact on the FY15 results at year end and has been treated as an exceptional item.
Following a detailed review of Jack Wills’ growth opportunities, the Group’s board and its shareholders decided not to pursue an IPO in the near term. Accordingly, Wendy Becker stepped down from the business on 27 August 2015 and was replaced by founder, Peter Williams as chief executive.
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.
“Our focus remains on designing and promoting a leading British brand and I would like to place on record my thanks to all of my colleagues who continue to work so hard during the year.”