Fashion Retailer Adapts to Survive in Challenging Times
- Jigsaw sales down £31m due to pandemic
- 60% revenue generated online
- 77 stores and 42 concessions closed since March 2020
- Operating loss reduced from £9.5m to £4.9m
- Australia business and menswear category discontinued
- Focus on womenswear and UK market
Jigsaw, a fashion clothing retailer, has reported a significant drop in sales of £31 million due to the Covid-19 pandemic. The company’s parent company, Robinson Webster, revealed that 60% of its revenue was generated through online channels. With the closure of 77 stores and 42 concessions since March 2020, the retailer has shifted to a digital-first approach. In a financial statement released up to February 2020, Jigsaw’s turnover increased from £102m to £128.9m, while its operating loss fell to £4.9m compared to the previous year. Despite pre-pandemic progress in improving profitability, Jigsaw has decided to cease its Australia business and menswear category to focus on womenswear and UK market. The company remains committed to its strategic agenda amid challenging conditions.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Jigsaw’s financial situation during the pandemic, including specific numbers and details about their sales, online revenue, store closures, and strategic decisions. It also includes quotes from a spokesperson to provide context and insight into the company’s plans for future success.
Noise Level: 3
Noise Justification: The article provides relevant information about Jigsaw’s financial impact due to the pandemic and the company’s response to it. It also includes specific numbers and details about sales and store closures. However, it lacks in-depth analysis or exploration of long-term trends or possibilities, accountability, scientific rigor, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Jigsaw, Robinson Webster
Financial Rating Justification: The article discusses the impact of Covid-19 pandemic on Jigsaw’s sales and financial performance, as well as its strategic decisions to streamline operations and focus on womenswear and UK market. This directly pertains to financial topics related to a specific company.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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