Joules’ revenue growth doesn’t convince markets

Shares in AIM-listed lifestyle brand Joules (LON:JOUL) dropped by 5.04% to 171.88p (as of 12:40 GMT) after store sales dropped by 58% for the seven week period ended 3rd January. Website sales improved by 66%, contributing to a 0.3% rise in total revenues from own-brand channels during the period.

CEO Nick Jones commented: “We are pleased with the continued strong performance delivered across our digital channels during the Christmas trading period and are encouraged by the increasing customer awareness of, and demand for, the Joules brand. This has been supported by our Friends of Joules digital marketplace which added a great range of products and gifting options for customers throughout the Christmas trading period.

“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. As a result, we remain as excited as ever by our long-term growth prospects“.