Joules hopes for good fes­tive sea­son as sales drop by a fifth

The Daily Telegraph - Business - - Business -

◆ 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.

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