Joules has blamed the later fall of Black Friday for a slump in half-year profitability.
The fashion retailer suffered an 81.7% crash in statutory pre-tax profit to £1.7m in the 26 weeks to November 24, 2019 after booking £6.7m of exceptional charges relating to stores, head office premises and changes in distribution arrangements.
On an underlying basis, pre-tax profit was down 9.3% to £9.7m during the 26-week period, as group sales dipped 1.4% to £111.6m.
Joules said the results were impacted by the timing of the Black Friday sales bonanza, which falls in the second half of its current financial year, as opposed to the first half of 2018/19.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.