Joules sales hit by lockdown

Joules has announced that group revenue was down by 15.3% to £94.5m in the 26-week period ended 29 November 2020. According to the group, this reflected the impact of enforced store closures as well as the cancellation of country shows across the UK, alongside the fact that total store trading hours during the period were at approximately 60% of their typical trading time. When comparing the period that Joules stores were open against the prior year, store sales were ahead of the board's expectations and 17% lower year-on-year. Total store sales were down by 46% year-on-year, however. Wholesale revenue was also damaged in the period, falling by 44% to £17.2m, reflecting the ongoing impact of the pandemic on many of its wholesale partners both in the UK and overseas. In light of this, International sales were down by 29% against the prior year and represented 14% of group sales. Despite the fact that total retail revenue was 6% lower at £75.3m, the group welcomed “strong” e-commerce trading in the period, with total e-commerce sales up by 35% and revenue from Joules' own e-commerce channels up by 45%. E-commerce represented more than 70% of the Group's retail revenue during the period in total. The group added that positive trading trends have “persisted” through the Black Friday trading period and into the Christmas trading period so far. Looking ahead, it expects sales for the period to remain ahead of the board's initial expectations. Nick Jones, CEO of Joules, said: "The strength of our digital proposition, the increased number of Joules customers and the growing appeal of the brand has meant that Joules has continued to trade well during the period, despite the impact of enforced store closures. “We have strong momentum - particularly through our online channel - and a good stock position that underpins our confidence for the peak Christmas trading period. We have been pleased with the performance of our stores in England for the first few days since their reopening in early December.” He added: "The retail sector continues to face a number of near and medium-term challenges, including the ongoing impact of Covid-19 on our communities and economy as well as Brexit-related uncertainties. “I have no doubt that Joules, underpinned by the strength of our brand and our flexible and scalable platform that now includes our Friends of Joules digital marketplace, is well positioned to be one of the long-term winners against this challenging backdrop.”

Joules sales hit by lockdown

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