Joules Group, a premium lifestyle brand, reported 15.3 per cent decline in its revenue to £94.5 million during its first half (H1) FY21 ended on November 29, 2020 compared to £111.6 million in same period prior fiscal. Sales were affected due to enforced closure of non-essential retail. However, e-commerce revenue for the 26-week period grew 45.2 per cent.
“We are pleased with the group’s performance during the first half of the FY21 financial year with strong growth in active customers and profits ahead of the board’s expectations. This performance, underpinned by very strong sales growth through our digital channels, was achieved despite challenging trading conditions and extended periods of store closures,” Nick Jones, chief executive officer at Joules, said in a press release.
PBT before exceptional costs for the first half fell to £3.7 million (H1 FY20: £8.4 million). Whereas, gross digital platform sales that include Joules and ‘Friends of Joules’ increased 55 per cent. Net cash rose to £15.6 million (£2.1 million).
“The group’s progress continues to reflect the strength of our flexible and digital-led model, growing customer base and strong brand as well as the talent and dedication of our teams,” Jones said.
“Whilst the retail sector will continue to face near and medium-term challenges as a result of the pandemic, I remain confident that Joules – underpinned by the strength of our brand as well as the group’s flexible and scalable platform – remains well positioned to achieve its strategic objectives to grow as a leading lifestyle brand and digital marketplace,” Jones said in the release.