×
56 456
Fashion Jobs
NORDSTROM
Assistant Manager - Specialty Coffee - Grove at Farmer's Market
Permanent · Los Angeles
NORDSTROM
Asset Protection - Agent - San Leandro Rack
Permanent · San Leandro
NORDSTROM
Asset Protection - Security Ambassador - Towson Town Center
Permanent · Towson
ROSS STORES
Store Protection Specialist
Permanent · Englewood
ROSS STORES
Store Protection Specialist
Permanent · Pembroke Pines
MACY'S
Asset Protection Detective, Lakeforest - Full Time
Permanent · Gaithersburg
MACY'S
Asset Protection Detective, Easton - Full Time
Permanent · Columbus
MACY'S
Asset Protection Detective, Auburn - Full Time
Permanent · Auburn
MACY'S
Asset Protection Detective, Santa Anita - Full Time
Permanent · Arcadia
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Hartsdale
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Yonkers
ADIDAS
Senior Specialist, HR - Covid Pmo - Limited Duration (Until End of Year)
Permanent · Portland
ADIDAS
Senior Director, Sport Brand Communications
Permanent · Portland
ADIDAS
Senior Manager Human Resources - Brand And Business Development
Permanent · Los Angeles
MACY'S
Asset Protection Security Guard, Fordham Place - Full Time
Permanent · Bronx
MACY'S
Asset Protection Detective, Spokane Valley - Standard Part Time
Permanent · Spokane Valley
MACY'S
Asset Protection Detective, Mayfair - Full Time
Permanent · Wauwatosa
MACY'S
Asset Protection Detective, Southdale Center - Full Time
Permanent · Edina
MACY'S
Asset Protection Detective, Las Vegas Fashion Show - Full Time
Permanent · Las Vegas
MACY'S
Asset Protection Officer, Secaucus st fj - Part Time (2840)
Permanent · Secaucus
GAP INC.
Area Manager, Asset Protection - Hawaii + Alaska
Permanent · Kahului
GAP INC.
Area Manager, Asset Protection - Colorado North
Permanent · Thornton
Published
Jul 19, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Joules shoppers remain discount-focused, retailer get liquidity breathing space

Published
Jul 19, 2022

Joules issued an important update on Tuesday, not just talking about how trading is going at the moment but giving information on its liquidity situation following reports that it had taken on advisers to boost this.


Joules



But first that trading news. The company said trading during the final weeks of its financial year (which ended on 29 May) was “consistent with” trends it had talked about in its previous update in early May. 

It had said back then that “market conditions have become more challenging during and following the Easter period as consumer confidence has been impacted by the rising cost of living”.

But there was some good news as “due to additional cost reductions, the group anticipates FY22 adjusted profit before tax and adjusting items to be slightly ahead of current market expectations”.

And in the first six weeks of FY23, it has seen retail sales growth of 8.5% year on year. However, gross margins have “remained under significant pressure with consumer appetite weighted towards markdowns amidst a heavily promotional environment”. 

Yet it added that it’s “making good progress on its plans to improve profitability by simplifying the business and optimising the cost base”. This includes implementing its previously disclosed plans to reduce its global wholesale accounts to focus on long-term profitable partnerships, shorten product lead times, and diversify its ethically sourced supplier base.

As for that liquidity issue, it said that as of 26 June, it had net debt of £17.7 million, giving £15 million headroom within its current banking facilities. And it has now received credit approval for a further £5 million headroom on its borrowing facilities with Barclays Bank until November to support working capital requirements over its forthcoming seasonal borrowing peak.

It added that “as part of the additional headroom being made available, it is anticipated that the group will grant additional security to Barclays” and “will also be restricted from paying dividends for the period that the facility is in place”.

It’s also in “positive discussions with Barclays on medium-term financing, which the board expects to conclude by September”.

Copyright © 2022 FashionNetwork.com All rights reserved.