British lifestyle brand Joules has reported positive trading trends with sales ahead of initial expectations for the first half.
Performance over the six months was driven by strong eCommerce growth, with eCommerce sales up 35 per cent and revenue up 45 per cent. eCommerce represented more than 70 per cent of the group’s retail revenue during the period.
However, group revenue fell 15.3 per cent to £94.5m for the period year-on-year, reflecting the impact of enforced store closures as a result of the pandemic. Trading hours during the period were around 60 per cent of typical trading time.
The group said its balance sheet remains strong with net cash of £15.6m and liquidity headroom of £64m.
Nick Jones, CEO of Joules, commented: “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.
“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. I have no doubt that Joules, underpinned by the strength of our brand and our flexible and scalable platform that now includes our Friends of Joules digital marketplace, is well positioned to be one of the long-term winners against this challenging backdrop.”
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