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Joules boosted by strong online growth

Joules has posted a 66% year-on-year increase in total retail sales through its website and Friends of Joules digital marketplace in the seven weeks to 3… View Article

FASHION

Joules boosted by strong online growth

Joules has posted a 66% year-on-year increase in total retail sales through its website and Friends of Joules digital marketplace in the seven weeks to 3 January.

The uplift was driven by traffic growth and improved conversion rates across the retailer’s digital platforms.

In contrast, total store sales fell by 58% due to the enforced closure of non-essential shops during the Covid-19 pandemic and reduced footfall as and when stores were open.

Joules said it continued to grow its active customer base which reached over 1.5 million by the end of the period.

Commenting on the new Covid-19 lockdown, Joules said the potential loss in group revenues resulting from the closure of its stores, the cancellation of country shows and disruption to wholesale partners is likely to be in the range of £14 to £18 million if restrictions continue until 1 April. However, this will be partially mitigated by better than expected sales and profit in the seven months to 3 January, strong online sales, and ongoing benefits from cost reduction activities.

Nick Jones, chief executive of Joules, said: “We are pleased with the continued strong performance delivered across our digital channels during the Christmas trading period and are encouraged by the increasing customer awareness of, and demand for, the Joules brand. This has been supported by our Friends of Joules digital marketplace which added a great range of products and gifting options for customers throughout the Christmas trading period.

Whilst the latest round of restrictions on store retail across the UK present a further challenge for the retail sector as we enter 2021, we remain very confident that Joules, as a highly relevant, digital-led brand with an engaged and growing customer base and healthy balance sheet, is well positioned to navigate these challenges. As a result, we remain as excited as ever by our long-term growth prospects.”

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