Fashion brand Jack Wills, part of Mike Ashley’s Frasers Group, has seen a continued fall in profit as job cuts were made and stores closed during its latest financial year.
The company's workforce was reduced from 233 to 135 in the 12 months leading up to 28 April, 2024, while the number of operational stores dropped from 32 to 24, as reported by .
Consequently, Jack Wills' pre-tax profit fell from £10.1m to £4.9m over the same period. Recently filed accounts with Companies House also reveal that the brand's revenue decreased from £28.4m to £19.1m.
Jack Wills was bought out of administration by the owner of Sports Direct and House of Fraser in 2019.
In May 2024, City AM reported a drop in Jack Wills' revenue from £34.3m in the year to 30 April, 2023, and a pre-tax profit of £10.1m, while the number of stores was cut from 52 and the headcount from 304.
A statement approved by the board read: "During FY24, we have continued to see the progress of the elevation strategy."
"The elevation of our multi-channel retail proposition remains a key strategic objective."
"To this end, we are improving the customer experience at every step of the journey."
"We aim to deliver an unrivalled range, availability and quality of products – both third party brands and group branded products."
"The elevation strategy continues to enhance and improve our stores and all our digital operations, our product offering and our marketing channels."
"This is vital to strengthen our relationships with our key third party brand partners, to deliver benefits for consumers and to drive the company’s long-term profitability."
Jack Wills reported a drop in revenue from goods sales to £13.8m for the year, down from £22.1m. Additionally, the fashion retailer's revenue from royalties decreased from £6.2m to £5.2m over the same period.
