Joules reports festive sales in stores dropped by more than half
- Credit: Joules
Clothing firm Joules, with outlets in Norwich and Holt, revealed total store sales declined by 58pc over the seven weeks to January 3.
A large part of the drop was because many shops were forced to close over the vital period. However, even when shops were able to open, revenue was down by 23pc compared to a year earlier.
"While 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.
Online sales delivered an increase of 66pc compared to a year earlier.
Joules said that if current restrictions continue until the beginning of April, the company would likely record between £14m and £18m in lost revenue.