The fashion designer estimated a £31mln hit on accounts in the quarter to May, when shops were forced to close amid the lockdown.
Revenue in the 53 weeks to May 31 slipped 12% to £190mln, due to the pandemic and the stock blunder reported at Christmas.
Last year’s £12mln profit before tax swung to a £2mln loss while net cash shrank to £4mln from £5mln in May 2019.
The AIM-listed retailer is not declaring a dividend for 2020 and anticipates there will not be a distribution in 2021 either, though the decision is kept under review.
“The trends of more casual, longer life product with consumers valuing work/life balance more than ever, will continue to benefit Joules well,” analysts at house broker Liberum commented.
“We are confident the actions taken over recent months to drive digital sales and manage liquidity in combination with the investments made over recent years in infrastructure mean that the long-term future for Joules remains strong.”
Shares edged 4% higher to 97.5p on Thursday morning.
Published at Thu, 06 Aug 2020 08:19:00 +0000-Joules swings to loss but reopened shops top expectations