StockMarketWire.com - Lifestyle brand retialer Joules said revenue topped expectations underpinned by strong online sales.

The company said its cash position, which stood at £8.5m at end of the first quarter was 'significantly ahead' of expectations.

Revenue fell 18% in theperiod on-year, reflecting the disruptions including store closures amid Covid-19 lockdowns during the period.

For the first-quarter, including the impact of enforced store closures, retail store sales declined by 49%.

E-commerce revenue (including 3rd parties) increased by 45% against the prior year.

Since their reopening, the company's stores had 'performed well with strong levels of customer conversion supporting a sales performance ahead of the board's expectations and just 10% lower than the comparable prior year period,' Joules said.

'This reflects the well-balanced geographic locations of the Group's retail stores, pent-up customer demand for Joules, and a strong promotional offer to help drive footfall,' it added.

Wholesale sales were in line with the board's expectations and reduced by 59% reflecting the anticipated slower recovery of the wholesale channel, the company said.




At 8:13am: [LON:JOUL] Joules Group PLC share price was +4.1p at 95.9p



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