Joules Issue Profits Warning After Supply Problems

Market Harborough-based fashion retailer Joules has issued a profit warning after a stock availability issue led to a decline in sales during the crucial end-of-year trading period.

The firm, which has defied the gloom on the High Street over the past few years, says sales were down by 4.5% year-on-year in the seven weeks to January 5th, meaning full-year profit will be “significantly below market expectations”.

Joules, which employs 400 people at its head office bases at The Point Business Park, says the cause of the stock problem, which affected online orders during a Christmas sale, has now been addressed.

Nick Jones, CEO, said: “We are disappointed with our inability to fully satisfy our customers’ demand through our online channel during the important Christmas sale period.

“We have identified the root cause of this one-off issue and have taken steps to prevent its re-occurrence.”

He added: “Demand for the Joules brand and its unique products remains strong, with continued growth in total customer numbers and website traffic as well as robust results in our stores and partner retail channels.”

Joules is set to announce its interim results on 21 January 2020.