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Joules to finish year in the red as store closures slash sales
Fashion brand Joules has predicted it will finish its 2020 financial year in the red after the lockdown of its store estate saw group revenues plummet.
In an update to the City issued this morning, Joules said the impact of coronavirus between March and May “resulted in a material reduction in revenue and lower group gross margin” and predicted a loss before tax for the year of between £2m and £3m.
During the period of lockdown up to May 31, Joules’ sales were £191m, down 12% against the same period the previous year.
Overall retail sales were £146m with store sales down by 20% and ecommerce sales up 5%. Wholesale revenues were £42m, down 26%.
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