Thursday, January 28, 2021

Joules predicts up to £18m revenue loss from fresh lockdown restrictions

Joules, the Market Harborough-based lifestyle brand, has revealed that with the duration of the new lockdown uncertain, if restrictions continue through to 1 April 2021, the potential loss in group revenues resulting from the closure of its stores, the cancellation of country shows and disruption to wholesale partners would be in the range of £14 to £18 million.

The company revealed the concerns in a trading update for its retail channels during the seven-week period to 3 January 2021. The update highlighted that total retail sales through Joules’ websites increased 66% year on year while total store sales declined by 58%, reflecting the enforced closures of non-essential stores and reduced footfall as and when stores were able to remain open.

During the periods that stores were able to trade, revenue was 23% lower when compared to the corresponding prior year periods, reflecting lower overall footfall trends, in particular over the last two weeks of the period.

Total retail revenue through Joules’ own-branded retail channels during the period was up by 0.3% against the prior year, with the growth in Joules e-commerce sales more than offsetting the decline from stores.

At 3 January 2021, the group had net cash of £13 million and total liquidity headroom of £63 million.

Nick Jones, CEO of Joules, 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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Work starts on new crematorium

Building work has started on a brand new crematorium on a site off the A47 Leicester Road between Hinckley and Earl Shilton. The Borough Council...

East Midlands employers called upon to help shape mental health campaign

Employers across the East Midlands are being urged to help shape a campaign to encourage firms to improve mental health support at work. The Mental...

Bumper year for Midlands industrial property set to continue in 2021

The Midlands logistics and industrial property market in 2020 included close to record take up levels, rising rents and an upsurge in investor demand,...

Civil and structural engineer appoints new director

East Midlands-based civil and structural engineering firm BSP Consulting has appointed a new director to its board. Tony Goddard, who has been with the company...

Record growth for Lutterworth commercial property firm

Lutterworth-based Chartered Surveyor and Property Consultant, Wells McFarlane has reported a record year, achieving sustained growth despite the challenges posed by the pandemic. “There’s no...

Related news

Sky Recruitment and Capella Professional take on serviced offices at Cubo in Derby and Nottingham

Sky Recruitment and Capella Professional have taken full time offices at Cubo, the flexible workspace, in Derby and Nottingham. David Torrington set up Sky Recruitment...

Work starts on new crematorium

Building work has started on a brand new crematorium on a site off the A47 Leicester Road between Hinckley and Earl Shilton. The Borough Council...

East Midlands employers called upon to help shape mental health campaign

Employers across the East Midlands are being urged to help shape a campaign to encourage firms to improve mental health support at work. The Mental...

Bumper year for Midlands industrial property set to continue in 2021

The Midlands logistics and industrial property market in 2020 included close to record take up levels, rising rents and an upsurge in investor demand,...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close