Sales slump for Joules
By Sarah Wood | 9th December 2020
Sales at quintessentially British fashion brand, Joules, have been hit by enforced store closures and increased discounting.
In the 26 weeks to 29th November, group revenue at the retailer, which has stores in Cheltenham, Cirencester and Gloucester Quays, fell 15.3 per cent to £94.5 million, as reported by Retail Gazette. Despite this, the company said it is trading ahead of expectations during the pandemic.
The news follows the opening of the Joules' new, larger store in Cirencester last week.
During the six month period, the retailers's total store trading hours were around 60 per cent of normal opening times. Total retail revenue dropped by six per cent to £75.3 million, wholesale revenue fell by 44 per cent to £17.2 million and international sales were down 29 per cent.
But Black Friday sales and Christmas sales so far have been ahead of expectations. Ecommerce has accounted for more than 70 per cent of sales and is up 45 per cent on last year.
The company is pleased with its stores' performance in their first few days of trading since the second national lockdown.
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