Joules trading exceeds expectations
Joules’ recent sales are exceeding expectations, according to the group’s trading update in the financial year to 31 May 2021.
The clothing retailer is reporting “strong” year-on-year e-commerce growth of 35%, which accounts for 70% of the group’s overall sales for the period.
Stores performed “ahead of the board’s expectations” over the period, despite sales in July being down by 18% year-on-year since reopening.
Joules’ balance sheet continues to be strong with net cash of £9.4m and liquidity headroom of £57m at 1 November.
Nick Jones, Joules’ CEO, 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.”
He added: “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.
“In addition, we are well positioned from an operations and financial perspective, having built on the experience and lessons from the Spring lockdown.”
