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Aug 19, 2010 British fashion retailer Joules Group ( JOUL.L ) warned on Friday that it is headed for annual losses. The crisis slowed consumer spending.
The group expects a “large” loss in the first half, which could push it to an annual pre-tax loss that is below market expectations.
Jules, which sells apparel, footwear and accessories, has been struggling with its finances, profitability and cash flow as the country’s rising inflation has led to less spending by cautious consumers.
The retailer, which extended its banking services last month, is in talks with the bank to fund its working capital needs and wants to waive certain covenants.
Jules said retail sales fell 8 percent in the first 11 weeks of the fiscal year.
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Reporting by Muhammad Hussain in Bengaluru; Edited by Uttaresh.V
Our standards: The Thomson Reuters Trust Principles.
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