Joules scales back investment as coronavirus plays havoc with guidance

Joules fascia

Joules has not given investors any financial guidance for the year ahead due to the “ongoing uncertainty” over coronavirus, which has hit footfall and sales over the last few weeks.

The fashion brand gave an update to the City this morning saying it had seen a decline in store footfall and revenue since the outbreak began and which had “significantly accelerated over recent days”.

The retailer noted that its ecommerce sales had been affected by the spread of the virus “albeit to a lesser extent” due to consumers being increasingly cautious with disposable income.

As a result, Joules said it would not be drawn on giving financial guidance but it would be “removing cost and non-critical capex from the business” immediately and had cancelled its dividend.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

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:

  • Three free articles a month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

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.