Tuesday 8 December 2020 11:56 am

Joules sales hit by lockdowns and country show cancellations, sending shares lower

Joules, the UK country-wear and lifestyle brand, reported a six per cent loss in revenue compared to 2019, sending shares lower.

The retailer put the drop down to lockdown, closures of stores, cancellation of country shows and shoppers staying at home during the Covid-19 pandemic.

The company’s store trading hours were only 60 per cent of their typical trading time.

Read more: Consumer spending rises ahead of Christmas but retailers still feeling the pinch

Wholesale revenue in the half year to 29 November fell 44 per cent year-on-year.

Shares in Joules are currently trading down 1.75 per cent to 167p.

However, the lifestyle brand reported positive trading during the Black Friday which has continued into Christmas.

An increased digital marketing campaign pushed revenues from their e-commerce channels up 45 per cent.

The company launched its Friends of Joules digital marketplace where customers can access products from third-party sellers.

Nick Jones, the chief exec of Joules, said the company “is well positioned to be one of the long-term winners against this challenging backdrop”.

Read more: MPs call for retail sector support following ‘dark week’ for high street

Joules also faced an 82 per cent drop in profit before tax at the end of 2019.