7th Jan 2021 10:31
(Alliance News) - Joules Group PLC on Thursday reported an increase in online retail sales amid Covid-19 restrictions forcing its stores to close.
Shares in Joules Group were down 8.0% at 166.50 pence in London in morning trading.
The Market Harborough, England-based country lifestyle retailer said retail sales through its websites, including sales through the Friends of Joules digital marketplace, climbed 66% from the previous year in the seven weeks to January 3, was driven by traffic growth and improved conversion rates across its digital platforms.
Joules Group said its total store sales were down 58% from the year prior during the seven-week period due to non-essential store closures as a result of the national lockdown in England throughout November. During the period that stores were able to trade, revenue was 23% lower when compared to the prior year.
Despite this, the group said sales in the seven months trading period to January 3 were better than expected due to a continued strong momentum of its digital platform sales.
"Whilst the latest round of restrictions on store retail across the UK present a further challenge for the retail sector as we enter 2021, we remain very confident that Joules, as a highly relevant, digital-led brand with an engaged and growing customer base and healthy balance sheet, is well positioned to navigate these challenges," said Chief Executive Nick Jones.
Joules Group intends to publish its interim results on January 28.
By Zoe Wickens; [email protected]
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