Joules calms fears as share price soars
Joules’ shares have rocketed after the firm laid out plans to combat the coronavirus outbreak.
The firm’s shares were being traded for 62.8p by close of trading on Thursday – a rise of 57% on the day.
The brisk trading came despite the firm announced on Thursday morning that footfall and revenue was down as it cancelled plans for a £700,000 dividend pay-out.
Nick Jones, chief exeutive of Joules, said: “The challenges that all retailers are currently facing are unprecedented in modern times. Our immediate and over-riding objective is to ensure the wellbeing and protection of our colleagues and our customers. Our teams continue to demonstrate a flexible, can-do attitude during this testing time, and I would like to thank my colleagues across the world for their continued commitment and positivity.
“While the Group’s near-term profitability will be impacted by the sector-wide effects of COVID-19, the Board is remaining focused on protecting long-term value for its stakeholders and managing the near-term pressures on the business.
“We have an outstanding, unique brand and a fantastic team. I am very confident that Joules will successfully emerge from this very difficult period in a position to continue to deliver its exciting long-term growth plans.”
