Joules online sales running ahead of expectations; ups size of banking facility

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Lifestyle fashion brand Joules said sales via its online channel were running ahead of its expectations following the imposition of the UK government Covid-19 lockdown.

The company also confirmed that it had sealed a £15m increase to its revolving credit facility with Barclays Bank, adding £15m raised from an equity placing earlier in April.

Joules said it had continued to see 'strong' levels of customer engagement with its brand across social media channels and its digital marketplace.

'The completion of the additional facility with Barclays Bank provides Joules with further liquidity to navigate these challenging times and positions the business to continue to progress its strategic growth plans following the current period of significant disruption,' chief executive Nick Jones said.

'Our e-commerce sales over recent weeks continue to demonstrate the strength of the Joules brand and the loyalty of our customer base.'

'We know that further challenging times are ahead, but we are confident that, with the continued support of our colleagues, customers and the wider Joules community of suppliers and partners, Joules is well positioned to manage these challenges.'

At 2:09pm: (LON:JOUL) Joules Group PLC share price was +16.5p at 91.5p