Joules, the lifestyle brand based in Market Harborough, has hailed an encouraging performance in the first quarter of its financial year.
According to a trading update for the 13 weeks from 1 June 2020 to 30 August 2020, group revenue performance was ahead of expectations at £39.6m, with revenue from the Group’s own e-commerce channels increasing 63%. Overall Group revenue was down 18% reflecting the impact of store closures.
Retail revenue declined by 5%, although retail sales through the Group’s owned retail channels increased by 1.5%. Wholesale sales meanwhile were in line with expectations and reduced by 59%.
Nick Jones, Chief Executive Officer of Joules, said: “We are encouraged by the Group’s performance in the first quarter of the financial year with sales ahead of our expectations. This is testament to the flexibility of the Joules model and the increasing strength, relevance and awareness of the Joules brand.
“The Group’s strong e-commerce performance demonstrates the appeal of Joules as well as our growing customer base and we continue to be very encouraged by the performance of our Friends of Joules digital marketplace. In addition, we have been pleased with the performance of our stores since reopening with higher levels of conversion when compared to pre-lockdown and steadily improving footfall trends.
“As with all consumer-facing businesses we face challenging trading conditions and unprecedented levels of uncertainty over the coming months and into the peak Christmas trading season. Against this backdrop we remain cautious on the future trading outlook and will continue to tightly manage costs and conserve cash. Notwithstanding this, we remain confident that – underpinned by the strength and relevance of our brand – Joules remains well positioned to continue to adapt to changing consumer behaviours.”