Joules revenue slumps as closures and discounting affect trading

Joules trading update covid-19 pandemic lockdown Nick Jones
Sales across Black Friday and the Christmas trading period so far are ahead of the board’s expectations
// Joules sales slow down due to enforced store closures and increased discounting
// Store trading hours in the 26 weeks to November 29 were around 60% of normal opening times
// Total retail revenue fell by 6% to £75.3m during the period

Joules sales have been affected by enforced store closures and increased discounting amid government restrictions, but is trading “ahead of expectations”.

In the 26 weeks to November 29, group revenue at the British lifestyle retailer dropped 15.3 per cent to £94.5 million.

Joules’ total store trading hours during the period were around 60 per cent of normal opening times.


READ MORE: Joules touts 35% growth in online sales year-on-year


Total retail revenue fell by six per cent to £75.3 million during the period.

Wholesale revenue dropped by 44 per cent to £17.2 million, while international sales in the period were down 29 per cent.

Sales across Black Friday and the Christmas trading period so far are ahead of the board’s expectations.

Revenue from Joules’ ecommerce channels is up 45 per cent and ecommerce accounted for more than 70 per cent of Joules’ sales during the period.

“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,” Joules chief executive Nick Jones said.

“We delivered a good Black Friday trading period through our online channel and our Friends of Joules digital marketplace continues to perform ahead of our expectations.

“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.

“As anticipated, our wholesale sales have been subdued in the first half.

“However, an improved performance over recent weeks and the positive response to our spring/summer 21 ranges, that were sold in via our digital B2B sales platform, gives us confidence for the recovery of the wholesale channel over the coming seasons.

“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.”

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