Joules “encouraged” by Q1 trading despite 18% sales drop

// Joules overall Q1 sales drop 18% to £39.6m
// Retail revenue declined by 5%, but retail sales through Joules-owned retail channels increased by 1.5%
// Online surged 63%, while in-store sales dropped 49%Joules endured a decline in first quarter sales as a result of lockdown, but its chief executive was “encouraged” by the recovery and trading was still ahead of expectations.
In the 13 weeks to August 30, group revenue fell 18 per cent year-on-year to £39.6 million.
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