// Joules group revenue during Black Friday declines 1.4%
// The revenue decline was attributed in part to the timing of Black Friday
Joules has seen its group revenue drop during Black Friday as the retailer blamed the timing of the sales event.
For the 26 weeks ending November 24, revenue dropped 1.4 per cent to £111.6 million.
Underlying profit before tax also fell for the retailer, down £1 million to £9.7 million during the period.
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The revenue decline was attributed in part to the timing of Black Friday.
On a comparable 27 week period, including Black Friday in both, Joules said group revenue increased by 1.3 per cent and retail revenue by 3.1 per cent.
Earlier this month, Joules reported a “disappointing” Christmas trading due to poor online stock availability.
The fashion retailer issued a profit warning after sales over the seven weeks to January 5 fell 4.5 per cent.
“We identified the root cause, have taken steps to rebalance the allocation of stocks between channels for spring 20, and are strengthening our underlying processes,” Joules chief executive Nick Jones said.
“I am reassured by the performance we saw in the retail channels where we had good stock availability and by our continued online traffic growth.”
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