Joules returns to profit thanks to online sales

The Joules fashion chain made a £2 million profit in the financial year to May 2021, compared to a loss of £24.8 million the year before.

The main reason for the rise in revenue is online sales which account for 77% of Joules’ revenue. Retail shops sales dropped from £63.2 million last year to £36.5 million due to store closures during the Covid-19 lockdowns.

Joules recently bought the Garden Trading Company and expanded its Friends of Joules online shop.

The Chief Executive of Joules, Nick Jones said:

“As we move into the new financial year, the continued success and growth of Friends Of Joules and our strengthened position in the home, garden and outdoor sector means that the group now offers significantly more products and categories than ever before.”

Joules was founded by Tom Joule in 1989 when he sold clothing at a Leicestershire country show. It now has 133 UK stores and 1.7 million customers.

Despite the return to profit, shares of the company fell by 4%. This is probably because several price rises have reduced profit margins including increased freight and duty charges after Brexit. The pandemic continues to cause uncertainty in the retail market.

Like Joules, many high street fashion retailers are surviving thanks to online sales where a larger range of items can be offered. To facilitate this, retailers have invested heavily in increased warehouse capacity and new equipment including warehouse garment rails, storage racks and packing tables.

Posted by Mark
31st August 2021
Retail & Warehousing

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