Joules has reported that sales have fallen behind expectations over the late summer and early autumn as shoppers spend less money online.
The fashion retailer is currently working on financing options, including an equity raise, a voluntary company arrangement (CVA), or a bridging loan.
Despite its ecommerce platform falling short, in-store sales were up slightly. The company said the results reflected a challenging UK economic environment, which has hit both consumer confidence and disposable income.
Warmer-than-usual temperatures have also affected outwear product sales, such as wellies and knitwear. This has worked in favor of items such as dresses, menswear and more formal clothes, however.
Joules’ UK wholesale business has performed well, however, both its US wholesale and its Garden Trading business have performed poorly in comparison.
The retailer’s last published set of results in the six months to 28 November 2021 said that 63% of its sales took place online – both through its own website and through partner websites, as business shifted online during the Covid-19 pandemic and associated trading restrictions.
Good progress has been made on a turnaround plan which includes the simplification of its wholesale business and ending wholesale sales to the EU and the US, Joules revealed.
It said It has revised both trading and promotion strategies and is focusing instead on further improving the quality and design of its products.
At the end of October, net debt came in at £25.7 million, with headroom of £11.4 million, of which £5.6 million is ‘trapped cash’ – held in transit by payment providers – and £5 million is due for repayment at the end of this month.
The company is currently in conversation with its founder, Tom Joule and its lender about a possible bridge financing proposal.
As a disclaimer, Joules said there could be no certainty of any agreement being made or of the terms of any agreement.
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