Joules expects to beat profit and sales forecasts after PM confirms further lockdown lifting
Fashion retailer Joules this morning said it expects to beat profit and revenue forecasts for this year following the confirmation that coronavirus restrictions will ease further next week.
The brand said revenue and profit before tax before exceptional items will come in higher than the current analyst consensus of £187m and £4.1m respectively.
It said it is encouraged by trading across its online platforms and in physical stores, when they have been able to reopen, as well as the announcement that the government will continue to lift Covid restrictions in line with its roadmap.
Joules said its e-commerce arm continued to deliver strong growth, with demand on its own website up 50 per cent in the year-to-date.
Sales in the four weeks since stores reopened have been higher that the same period in 2019, before the coronavirus pandemic struck, reflecting the level of pent up consumer demand.
The firm’s garden trading business has performed “ahead of expectations” in the first three months since the acquisition, Joules said.
Nick Jones, chief executive of Joules, said: “Although the past 12 months have been incredibly challenging for the retail sector, I truly believe that Joules is now in an even stronger position than ever before.
“We have an increasingly digital-led business, more diversified income streams and a broader product proposition that is highly relevant to our customers’ lifestyles.
“Whilst the retail sector will continue to face near and medium-term challenges as a result of the pandemic, we look forward to the future with confidence, underpinned by the strength and relevance of our brand and business model.”