28th Jan 2021 13:58
Joules Group PLC - Market Harborough, England-based country lifestyle retailer - Reports pretax profit of GBP1.3 million for 26 weeks ended November 29, down from GBP1.7 million the year prior, with pretax profit before exceptionals of GBP3.7 million, which is ahead of expectations and down from GBP8.4 million in 2019. Revenue in the same period is GBP94.5 million, down 15% from GBP111.6 million the previous year, while its own retail revenue in the seven weeks to January 3 is up 0.3% as e-commerce offsets store closures. Gross digital platform sales in the period ended November 29 are up 55% from 2019. Net cash as at November 29 is GBP15.6 million, up from GBP2.1 million the prior year.
Chief Executive Nick Jones says: "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."
Joules says Chief Financial Officer Marc Dench is leaving for a new position at digital health firm HealthHero in May, and that the search process for his replacement is underway.
Current stock price: 150.25 pence, down 3.7% on Thursday
Year-to-date change: down 11%
By Zoe Wickens; [email protected]
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