By Catherine Reynolds
Investing.com -- Shares of U.K.-based fashion retailer Joules Group PLC (LON:JOUL) plummeted 23% on Tuesday after it disclosed disappointing sales for the key pre-Christmas Black Friday period.
The group cited a cluster of issues, including higher costs and product delays because of global supply chain problems and labor shortages, calling the performance “below expectations."
Joules said full year profit is expected to be below market expectations in the region of 9 million pounds ($11.91 million) to 12 million pounds ($15.89 million).
The British clothing retailer anticipates that profit for the half-year period will be between 2 million and 2.5 million pounds ($2.65 million to $3.31 million).
Supply chain problems along with consumer uncertainty driven by the Omicron variant are likely to continue, the group said.
"While we have not been immune to certain industry-wide pressures including supply chain disruption and cost inflation, we remain focused on delivering the Group's long-term growth strategy,” Nick Jones, chief executive officer of Joules, said.