Sales and profits fell at joules in the half to the end of November, but its pre-tax profit was still higher than it had expected. And it had plenty of good news to share in its results announcement on Thursday.
Seasalt saw its sales jumping during the festive season even though it endured a 44% fall in sales through physical shops. Fortunately, its webstore easily made up for the shortfall with a 95% increase.
Asos concluded a strong year with a four-month autumn and festive period that showed just how strong a business it is. Sales soared not just in the UK but globally and it expects higher profit as a result.
Consumer spending fell 2.3% year-on-year in December as areas moving into higher tiers, and reimposed lockdowns, dented the kind of activity usually seen in the festive season. But online was a bright spot.
December may have been all about on-off lockdowns or semi-lockdowns in the UK but a key sales tracker on Friday showed that online sales didn’t do as well as they might have done in those circumstances.
Joules had a better than expected festive trading season and despite a massive plunge is physical store sales, it still managed to drive revenues upwards overall as its web sales more than filled the gap.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.