LATEST LOCKDOWN COULD COST JOULES £18 MILLION

JOULES has warned the latest national lockdown could cost it £18m after its Christmas store sales were battered by the pandemic.

The fashion retailer said business will suffer as bricks-and-mortar shops are shuttered once again and country shows are called off.

Store sales of Joules products plummeted 58pc lower in the seven weeks to January 3, as November’s lockdown and subsequent restrictions depressed High Street visitor numbers over the festive period. However, Joules said a 66pc surge in online sales cushioned the blow.

The performance was strong enough that the company increased overall sales through its website and its own stores over the period by 0.3pc compared to last year.

Joules said the better- thanexpected performance would help to fortify it against the impact of the current lockdown. But it expects to take a hit of £14m-£18m because of the latest stay-at-home restrictions.