Joules beats expectations
Lifestyle clothing brand Joules has said trading in the first 22 weeks of its new financial year has been better than expected.
The company said the performance was driven by a 35% increase in online sales which accounted for 70% of its retail sales in the period. Joules shops have also performed ahead of expectations with sales down by 18% year-on-year since retail stores were allowed to reopen in July post-lockdown.
While all Joules stores in England are now closed due to new Covid restrictions, the company expects its shops in Wales reopen on 9 November. Joules stores across Scotland and Northern Ireland remain open.
Looking ahead, Joules said the business remains on track to deliver its expectations for the financial year ending 31 May.
Nick Jones, chief executive of Joules, said: “Joules has continued to trade well with sales in the financial year to date ahead of the board’s expectations. We have seen strong growth in our customer base during recent months, benefiting from our focus on digital marketing, the attractive locations of our stores and the increasingly broad customer offer through our Friends of Joules digital marketplace.
“As we enter the peak trading season, the retail sector in England faces the challenge of having to close non-essential stores for the next four weeks. Despite this difficult backdrop, Joules has a very strong brand and a flexible business model, which has underpinned the group’s robust performance to date during Covid-19.”
