Profits wiped out at Joules

Market Harborough lifestyle brand Joules says trading is ahead of management’s performance for the first nine weeks of its financial year after reporting mixed full-year results.

Joules saw a £12.9m profit in 2019 disappear for the year to May 31, with the firm posting a loss before tax of £2m, while revenues also decreased by 12.5% to £190.8m after the impact of Covid-19 and stock availability issues over the Christmas period.

Nick Jones, chief executive officer of Joules, said: “Whilst the retail sector will continue to face challenging trading conditions over the coming months, I believe that Joules is very well positioned to navigate both the existing and potential further COVID-19-related challenges and continue to invest in targeted growth opportunities. The Joules brand’s awareness and health metrics have never been stronger, and I firmly believe that, underpinned by our strong brand purpose, Joules is more relevant than ever before.”