Joules shares fell on Thursday morning after the group revealed a trading update for the seven-week period to 3 January 2021.

Total online sales, including sales through the Friends of Joules digital marketplace, increased 66% year on year, which was driven by traffic growth and improved conversion rates across digital platforms.

In-store sales fell by 58% during the Christmas period, reflecting the enforced closures of non-essential stores and reduced footfall when stores were able to remain open.

Following the national lockdown across the UK, the potential loss in revenues resulting from the closure of its stores is estimated to be in the range of £14m to £18m.

Nick Jones, CEO of Joules, commented: “We are pleased with the continued strong performance delivered across our digital channels during the Christmas trading period and are encouraged by the increasing customer awareness of, and demand for, the Joules brand. This has been supported by our Friends of Joules digital marketplace which added a great range of products and gifting options for customers throughout the Christmas trading period.

“Whilst the latest round of restrictions on store retail across the UK present a further challenge for the retail sector as we enter 2021, we remain very confident that Joules, as a highly relevant, digital-led brand with an engaged and growing customer base and healthy balance sheet, is well positioned to navigate these challenges. As a result, we remain as excited as ever by our long-term growth prospects,” added Jones.

Shares in Joules are trading -5.36% at 171.30 (1053GMT). Shares in the retailer have shed almost 26% of their value in 2020.