LONDON — The momentum is building at Jack Wills.
This story first appeared in the September 17, 2012 issue of WWD. Subscribe Today.
The British clothing and accessories brand targeted at university-age students has reported that sales in the year ended Jan. 31 climbed 32 percent to 121.8 million pounds, or $196 million.
All figures have been converted at current exchange rates.
Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization was 11.8 million pounds, or $19 million.
EBITDA was down nearly 26 percent from the previous year, due entirely to 20 million pounds, or $32.2 million, that was invested in international expansion.
A company spokeswoman confirmed that the expansion, mostly in the U.S. but also in Hong Kong, was funded directly from the company’s cash flow.
“We are investing heavily in our future, having opened a total of 29 new stores: eight in the U.S., two in Hong Kong, 11 in the U.K. as well as eight Aubin & Wills stores,” said Peter Williams, cofounder and chief executive officer of the brand, said.
Aubin & Wills is a clothing and accessories brand targeted at an older, post-university set.
“The Jack Wills teams have worked hard, and I am incredibly pleased with the results. I firmly believe that our strategy of investment will pay off in the longer term given the brand’s truly global appeal,” Williams added.
Last year in the U.S., Jack Wills opened in locations including Philadelphia, Washington, D.C., and Greenwich, Conn. The company said it plans to open more stores in the Northeast and on the East Coast.
On Nov. 1, Jack Wills will open in New Canaan, Conn., at 136 Elm St., bringing the U.S. store count to 13. The company opened a store in Chatham, Mass., at the start of July. Jack Wills plans to continue opening stores in the U.S. in 2013.