Joules’ performance exceeds expectations

Joules, like many fashion retailers, has been hit by the coronavirus epidemic, which forced its stores to close for a period. Despite this setback and a decline in profits of 5% for the trading year, its customer base has continued to grow, both in store and across online channels.

Joules CEO, Nick Jones, said that the company is “ahead of expectations”, and added:

“We are encouraged by the group’s performance in the first quarter of the financial year with sales ahead of our expectations. This is testament to the flexibility of the Joules model and the increasing strength, relevance and awareness of the Joules brand.”

Joules has had a large growth in its online business. It has had to manage costs, grow cash reserves and adapt to changing customer behaviour in order to survive. Many fashion retailers see the future as a combination of retail stores and e-commerce. Online operations can offer a larger number of clothing lines compared to shops, which have restricted space.

This has created a logistics challenge, with retailers having to modify existing warehouses or find new larger warehouse property to store more inventory for online sales. Working with their storage racks and garment rails supplier, retailers have equipped large warehouses with equipment that maximises space and forms an integral part of their efficient picking and packing system.

Joules’ stores reopened on June 15th and the number of customers entering its shops is growing. It remains cautious but optimistic as it comes into its peak Christmas season.

Posted by Mark
28th September 2020
Retail & Warehousing

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