Lockdown Could Impact Joules’ Revenue By £18m

Market Harborough-based Joules says it could potentially lose up to £18m in revenue if the current Covid-19 lockdown continues until April.

Shutting stores temporarily and the cancellation of country shows will have a big impact on the clothing giant, although on-line sales were up 66% in the run-up to Christmas.

In an update to the London Stock Exchange, the business added that in the periods that stores were able to trade, revenue was 23% lower compared to the same time in 2019.

Chief executive Nick Jones said: “We are pleased with the continued strong performance delivered across our digital channels during the Christmas trading period and are encouraged by the increasing customer awareness of, and demand for, the Joules brand.

“This has been supported by our Friends of Joules digital marketplace which added a great range of products and gifting options for customers throughout the Christmas trading period.

“Whilst the latest round of restrictions on store retail across the UK present a further challenge for the retail sector as we enter 2021, we remain very confident that Joules, as a highly relevant, digital-led brand with an engaged and growing customer base and healthy balance sheet, is well positioned to navigate these challenges.

“As a result, we remain as excited as ever by our long-term growth prospects.”