Joules sees annual profit of between £3.5 million to £4 million amid 'encouraging' H1 performance


Lifestyle brand Joules said it expected to generate pre-tax profit of between £3.5 million to £4 million following 'encouraging' performance in the first half of the year.

For the 26-week period ended 29 November 2020, sales remained ahead of the board's initial expectations.

This performance continued to be driven by strong e-commerce growth, with total e-commerce sales up by 35% in the period and revenue from Joules' own e-commerce channels up by 45%.

E-commerce represented more than 70% of the group's retail revenue during the period, the company said.

The positive trading trends reported in the group's update on 5 November 2020 had persisted through the important Black Friday trading period and into the Christmas trading period so far, it added.

Looking ahead, notwithstanding the significant uncertainties that were anticipated to persist over the remainder of the peak trading period and into the next calendar year, the company said it remained 'confident that the group will achieve its full year expectations.'

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