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Joules sales soar despite high street gloom

Press Association
06 June 2019

Joules has defied high street gloom once again to deliver a year of double-digit sales growth, the company said.

The British clothing and lifestyle brand, which is known for its bright colours and patterns, reported a 17.2% increase in revenue for the 52 weeks to 26 May, climbing to £218m.

Profits before tax for the full year are now expected to come in near the top of market expectations, at around £15.3m. Shares in the firm were up almost 6% in morning trading on Thursday.

Outgoing chief executive Colin Porter said: “As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our E-commerce and Licensing channels, reflects the strength of our distinctive brand as well as the appeal of our products across an ever-increasing range of lifestyle categories.”

Porter is set to leave the company by the end of the current financial year, when he will be replaced by Asda director Nick Jones.

The group said its continued momentum against the challenging retail backdrop was down to the strength of its brand and products.

The international business was particularly strong, now representing 16% of revenue. Online sales meanwhile accounted for half the group’s revenue.

Analysts at Peel Hunt said: “Once again, the lifestyle brand has generated a strong performance across all channels, as the group’s flexible ‘total retail’ model has delivered, with online and international sales a particular highlight.”

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