Joules in confident mood as sales increase 19.6%

Joules
Joules

Premium fashion and lifestyle brand Joules says it is confident of a continued strong performance despite the uncertain macro-economic outlook as it announces revenues up nearly 20% in the year ending 28 May 2017.

Group revenues at the AIM-listed business climbed 19.6% to £157m while underlying profit before tax was up 34% at £10.1m and EBITDA was up 25.3% at £16.9m.

Overall retail sales were up 19.4% with e-commerce up by 29.4% (accounting for 34.8% of retail sales) and store sales were up by 17.5%, supported by 11 net new store openings. Wholesale sales were up 20.3% while international sales were up 36.2%.

CEO Colin Porter said Joules was well positioned to face the challenges of the market moving forward. “The strong progress delivered during the year was again underpinned by the Group’s steadfast focus on its growing and loyal customer base, product quality and delivering engaging experiences across all channels,” he said.

“The Board remains confident that the Group’s momentum will continue into FY18, despite the uncertain macro-economic outlook. This confidence is supported by the growth in our customer base, our exciting new store opening plans, a robust Autumn/Winter wholesale order-book both in the UK and internationally, and positive early feedback on our Spring/Summer 2018 ranges from wholesale customers,” Porter added.

Joules currently operates 108 stores in the UK and Republic of Ireland and has 1,500 stockists worldwide including John Lewis, Next Label and Nordstrom. The business was founded by Tom Joule 30 years ago and was admitted to AIM in May 2016. It recently announced that it had acquired 30,000 sq ft premises in Market Harborough, which will house its new HQ.