Jacques Vert plunges into red after retail turbulence

LADIES’ clothing retailer Jacques Vert, the owner of the Planet and Precis Petite brands, dived into the red over the past year due to the turmoil in the retail sector, though it said yesterday the decline in sales had eased since the year end.

The group posted a £2.9m pre-tax loss for the year to 25 April, down from a £4.3m profit the year before, over a year it described as “exceptionally challenging”. Revenue fell 3.6 per cent to £110.9m.

But Jacques Vert said sales in the 10 weeks since the end of the period had fallen by just 3.4 per cent on a like-for-like basis, demonstrating that conditions are improving.

“Our brands have continued to make progress in the current spring season and, given our cash generation and balance sheet, we have the financial strength to withstand the current economic uncertainty and to take advantage of opportunities as they arise,” it said in a statement.