Sun not shining for welly seller Joules as heatwave hits sales

Shares down a third after retailer issues profit warning, blaming hot weather and cost of living crisis

Shares in the struggling high street retailer Joules plunged by more than a third after it issued a profit warning blaming the summer heatwave for plunging sales of clothing such as jackets, knitwear and Wellington boots.

The company, whose share price has slumped by 90% over the last year, said that it is seeing consumers look for discount clothes amidst a heavily promotional environment" as overall demand weakens due to the cost of living crisis.