Joules says e-tail running above expectations as stores stay shut
Apr 21, 2020
Joules announced on Tuesday that customer traffic to its online store has been running ahead of its revised expectations and it continues to see “strong levels of customer engagement with the brand across our social media channels and with our digital marketplace Friends of Joules”.
The e-tail channel, which typically represents around half of its overall retail sales, remains open for business. But customer demand is being managed carefully to ensure its distribution centre partner “is operating safely and in strict accordance with government and health authority guidance at all times, including ensuring robust physical distancing and hygiene procedures”.
It's good news at a time when the company’s shops are all closed and highlights how businesses with well developed online operations can make up for some of the sales they've lost due to those closures.
The company also said it’s “mindful of the contribution it can make to society at this challenging time” and this month has offered a curated 'Rainbow Edit' collection, with all profits generated from sales of this collection going to NHS Charities Together. So far nearly £35,000 has been raised to support the charity. It has also been able to use its supply chain to support local Leicestershire health services and key partners through the provision of personal protective equipment with a donation of 50,000 masks sourced so far.
And it confirmed the successful completion of its £15 million increase to its revolving credit facility (RCF). Its net debt position as of April 19 was £6.9 million with £43.1 million of available headroom.
CEO Nick Jones said the completion “provides Joules with further liquidity to navigate these challenging times and positions the business to continue to progress its strategic growth plans following the current period of significant disruption.
“Our e-commerce sales over recent weeks continue to demonstrate the strength of the Joules brand and the loyalty of our customer base. We know that further challenging times are ahead, but we are confident that, with the continued support of our colleagues, customers and the wider Joules community of suppliers and partners, Joules is well positioned to manage these challenges.”
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