Joules full year profit to beat expectations
Lifestyle fashion brand Joules has reported that group revenue climbed by 18.4% to £185.9 million in the year to 27 May.
In a pre-close trading update, Joules confirmed that retail revenue was up 15.9% on the prior year with the increase driven by a strong online performance, as well as continued growth across the Joules UK and Ireland store estate.
Wholesale revenue rose by around 24%.
The company said it is expecting its gross margin to be be marginally ahead of the prior year.
As a result of the performance, Joules now anticipates that pre-tax underlying profit for the year will be marginally ahead of analyst expectations.
Colin Porter, Joules chief executive, said: “Our multichannel approach and ‘buy now, wear now’ product proposition has enabled the group to deliver a performance ahead of our initial expectations, despite the widely reported challenges in the sector.
“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.”
Joules will announce its preliminary results for the year to 27 May on 25 July
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