Joules shares fell Thursday morning after the group revealed a seven-week trading update to end January 3, 2021.
Total online sales, including sales via Joules Digital Marketplace’s Friends, rose 66% per year. This was driven by traffic volume across the digital platform and improved conversion rates.
In-store sales fell 58% during Christmas, reflecting forced closures of non-essential stores and reduced scaffolding when stores remained open.
Following nationwide lockdowns across the UK, potential losses in revenues resulting from store closures are estimated to range from £14 million to £18 million.
Nick Jones, CEO of Joules, commented: “We are pleased with the continued strong performance offered across the digital channels during the Christmas trading period, and are encouraged by the increased awareness and demand of our Joules brand customers, by the Friends of Joules Digital Marketplace Supported and added a wide range of products and gift options to customers throughout the Christmas trading period.
“The latest restrictions on retail retail across the UK will present additional challenges for the retail sector as we enter 2021, but Jules is a highly relevant, digitally driven brand that will strengthen its customer base. We are confident that our customer base is growing. A healthy balance sheet is a good choice to navigate these challenges. As a result, we have been able to bring about long-term growth outlooks to date. I’m just as excited as I did,” Jones added.
Jules’ shares are trading at -5.36% at 171.30 (1053GMT). Retailer stocks dumped almost 26% of their value in 2020.
