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Retailer Joules Warns of More Pain Ahead After Holiday Store Sales Plunge

Retailer Joules Warns of More Pain Ahead After Holiday Store Sales Plunge

Friday, 8 January, 2021 - 08:30
FILE PHOTO: People leave a Superdry store in central London, Britain July 9, 2015. REUTERS/Paul Hackett

British fashion retailer Joules Group on Thursday reported a 58% plunge in total store sales for a seven-week period that includes the holiday season and warned of a hit of up to 18 million pounds if the new COVID-19 curbs continued.


However, the company’s retail sales through its websites - including sales through the Friends of Joules digital marketplace - were up 66% year on year, as more customers took to online purchases during the pandemic.


Shares of the retailer, which shed nearly 26% of their value in 2020, opened lower on the London Stock Exchange but climbed 2% by 0840 GMT.


This holiday season presented British retailers with a unique challenge as they navigated strict virus-related restrictions while also preparing for Britain’s departure from the European Union.


Making matters worse, the country went into a full national lockdown again earlier this week as it deals with a new fast-spreading variant of the virus, Reuters reported.


Joules estimated the potential loss in revenues to be 14 million pounds ($19.01 million) to 18 million pounds if the new restrictions continue through to April.


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