Joules hopes for good festive season as sales drop by a fifth
◆ The boss of Joules said sales were better than expected over the summer, but are still recovering from the hit of the pandemic, writes Laura Onita.
Nick Jones, who joined the retailer in October from Asda, said more people have been shopping online and in-store since lockdown.
Sales of almost £40m for the three months to the end of August, were down by almost a fifth compared with this time last year. The drop was due in part to the gradual reopening of its 128 branches. Wholesale also put a damper on its performance as revenue fell by 59pc, with sales from department stores in the US slow to recover.
Emily Salter, a retail analyst at GlobalData, said that Joules is well-placed to rake in sales over the festive season as it is less reliant than rivals on party clothes.
Joules had net cash of £8.5m for the first quarter, up from the year end position of £4.5m. It also has access to £57m of emergency cash if it needs it.