British clothing retailer Joules reports 8.5% sales growth

Image Courtesy: Retail Week

Joules, the globally known British clothing retailer, saw its retail sales year-on-year (YoY) increase by 8.5%.

The UK lifestyle retailer said gross margins remained under severe pressure – particularly with consumer appetite weighted towards markdowns in a heavily promotional environment.

However, Joules remains optimistic!

The retailer expects FY22 adjusted pre-tax profit and adjusting items to be slightly better than market expectations, thanks to further cost reductions.

Additionally, the retailer’s net debt fell from £21.4m (as of May 30) to £17.7m (as of July 17).

This, above all, offers Joules a margin of £15m, up from £11.3m on May 30, 2022.

Only last week Joules had appointed KPMG’s debt adviser to search for a cash lifeline.

Read also: UK lifestyle retailer Joules appoints KPMG to seek cash lifeline

The British clothing retailer sells clothing and homeware inspired by British countryside lifestyles. Founded in 1989, it is known for selling clothes at country shows.

Anne G. Cash