Joules Group PLC (LON:JOUL) said it remains on track to deliver full-year expectations despite shuttering its stores in England due to the new lockdown.
All store staff will be put on furlough during the month-long closures, while sites in Wales are expected to reopen on November 9 following the 'firebreak' lockdown period.
READ: Joules Group beats summer sales expectations
Joules shops across Scotland and Northern Ireland remain open.
The retailer said it is well-positioned to satisfy higher anticipated online demand over the upcoming peak trading periods, having boosted its UK warehouse capacity during the year.
Sales for the first 22 weeks of its financial year to May 31 have been ahead of expectations, driven by strong year-on-year e-commerce growth of 35% with online revenue accounting for 70% of total sales in the period.
Stores topped expectations though sales were down 18% since they resumed operations in July, while wholesale and international sales performed in line with estimates.
The AIM-listed firm’s active customer base has now grown to 1.5mln thanks to digital marketing investment and the ‘Friends of Joules’ digital marketplace.
As of November 1, the group had net cash of £9mln and liquidity headroom of £57mln.
“Joules has performed well over the lockdown period, benefiting from more UK, outdoor-focused leisure activities and a more relaxed, less formal approach to dressing,” analysts at house broker Peel Hunt commented.
“With Joules generating over 30% growth in active customers over the past three months proves the relevance of the ranges and the brand, supporting much higher levels of future growth. In wholesale, there is some evidence of stronger in-season sales and the order book for spring/summer 21 is much better than initial fears.”
Shares rose 3% to 103.35p on Thursday morning.