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Joules first half sales hit by store closures

Joules has posted a 15.3% drop in revenue to £94.5 million in the 26 weeks to 29 November due to the enforced closure of its own… View Article

FASHION

Joules first half sales hit by store closures

Joules has posted a 15.3% drop in revenue to £94.5 million in the 26 weeks to 29 November due to the enforced closure of its own stores for ten weeks of the period.

However, the lifestyle fashion brand’s pre-tax profit before exceptional costs came in at £3.7 million, which was was ahead of expectations. When exceptional costs of £2.4 million were included, statutory pre-tax profit fell by £0.4 million to £1.3 million.

Online sales were particularly strong in the period, with sales on Joules’ own websites increasing by more than 45%. The retailer also added 160,000 new active customers which took the total to nearly 1.6 million.

Nick Jones, Joules chief executive, said: “We are pleased with the group’s performance during the first half of the FY21 financial year with strong growth in active customers and profits ahead of the board’s expectations. This performance, underpinned by very strong sales growth through our digital channels, was achieved despite challenging trading conditions and extended periods of store closures.

“Whilst the retail sector will continue to face near and medium-term challenges as a result of the pandemic, I remain confident that Joules – underpinned by the strength of our brand as well as the group’s flexible and scalable platform – remains well positioned to achieve its strategic objectives to grow as a leading lifestyle brand and digital marketplace.”

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