British fashion label Joules saw its sales drop by 18 per cent to £39.6 million in the first quarter ended 30 August.
But it isn’t as bad for the retailer as the numbers may suggest!
The cash position at the end of Q1 is £8.5 million, which is significantly ahead of all expectations and has brought something to cheer about for the retailer.
The retail store sales have fallen by a big 49 per cent during the quarter – as it’s been the case with most of the fashion retailers.
However, the retailer has said that the performance has been quite good ever since the stores reopened, all thanks to strong promotional offers started by the company as well as pent-up customer demand for the brand. The wholesale sales, however, went down by 59 per cent.
The total e-commerce sales for Joules, which includes third parties, have shot up by an impressive 45 per cent. The jump has been majorly due to increase in customer traffic and improvement in conversion rates.
Importantly, sales via Joules’ own e-commerce channels too saw a massive growth of 63 per cent in the first quarter.
With the retailer performing exceptionally well digitally and store sales also gradually picking up, Joules isn’t much worried. The retailer believes it will be easily able to adjust to the changing consumer behaviour in the coming months.
The apparel retailer has over 120 stores and generated £185.9 million in 2018. To know more about the retailer visit joules.com