Joules has announced that the impact of forced store closures due to Covid-19 will result in it posting an underlying loss of in the region of £2 million – £3 million for the year to May 31st. During the three months of lockdown Joules’ sales fell by 12 per cent against the same period last year with wholesale demand as well as its own store sales impacted. It has now re-opened 12 stores (on June 15th) and will open more in a phased approach.
“Whilst this continues to be an exceptionally challenging period for people, communities and businesses, I am delighted with how Joules has responded over recent months, said Joules CEO, Nick Jones. “We were quick to adapt to the initial disruption of the Covid-19 pandemic by bolstering our liquidity position, preserving cash and focusing on trading online. We are very encouraged with the significant 40 per cent growth in eCommerce demand during the lockdown period, which is particularly pleasing given the already established scale of our eCommerce operations.”
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