Joules, the globally well-known British apparel retailer, has seen its year-on-year (Y-o-Y) retail sales go up by 8.5 per cent.
The lifestyle retailer from the UK said that gross margins remained under significant pressure – notably with consumer appetite weighted towards markdowns amidst a heavily promotional environment.
However, Joules stays optimistic!
The retailer hopes adjusted profit before tax and adjusting items in FY ’22 to be marginally better than market expectations – thanks to additional cost reductions.
Also, the retailer’s net debt fell from £ 21.4 million (on 30 May) to £ 17.7 million (on 17 July).
This, importantly, provides Joules with a £ 15 million headroom, which is up from £ 11.3 million on 30 May 2022.
Only last week, Joules had appointed KPMG debt advisory to seek cash lifeline.
Also Read: British lifestyle retailer Joules appoints KPMG to seek cash lifeline
The British apparel retailer sells clothing and homeware products inspired by British country lifestyles. Founded in 1989, it is known for selling apparels at country shows.
