Store closures inflict damage on half year results at Joules

Joules, the Market Harborough lifestyle retailer, has seen it profits more than half and turnover fall by over 15% for the 26 weeks to November 29, 2020.

The company said the results were better than expected, despite revenue falling to £94.5m and profits dropping to £3.7m.

Joules said it arributes the performance to its stores being forced to close for 10 of the 26 weeks due to Covid restrictions.

Meanwhile, the company also revealed today (January 28) that March Dench, its finance boss was leaving the company. Dench was been CFO since before Joules went through an IPO in 2016.

Nick Jones, chief executive, said: “We are pleased with the group’s performance during the first half of the FY21 financial year with strong growth in active customers and profits ahead of the Board’s expectations. This performance, underpinned by very strong sales growth through our digital channels, was achieved despite challenging trading conditions and extended periods of store closures.

“Whilst the retail sector will continue to face near and medium-term challenges as a result of the pandemic, I remain confident that Joules – underpinned by the strength of our brand as well as the Group’s flexible and scalable platform – remains well positioned to achieve its strategic objectives to grow as a leading lifestyle brand and digital marketplace.”