Joules sales up by 18% as it continues retail expansion

Sales at premium British fashion and lifestyle brand Joules were up 18% to £186.9m in the year to 27 May as it continued to expand its retail footprint.

In a trading update today Joules said it had experienced strong momentum throughout the first-half of the financial year and over the Christmas period, which had continued in the second half.

Retail revenue increased by around 16% to £68.3m, driven by a strong e-commerce performance. In addition the company opened 15 new stores in the UK and Ireland during the year, bringing the total number to 123.

Wholesale revenue was up 24% at £44.8m thanks to a strong improvement in the order-book from both UK and international wholesale customers, Joules said. Profit before tax is expected to be slightly ahead of analysts' expections at £12.6m.

Chief executive Colin Porter said the results were testament to the strength of the brand and he was confident the growth would continue.

"We have made excellent progress against our strategy of further developing the brand in the UK and target international markets and we remain confident of continued growth and expansion of the Joules brand," Porter said.