Joules posts strong full year profit uplift
Joules has reported that its full year underlying pre-tax profit has risen by 19.4% to £15.5 million.
In the year to 26 May, group revenue growth was also strong, climbing by 17.2% to £218 million. Statutory pre-tax profit jumped by 14.9% to £12.9 million.
The company said its strategy had worked well. This included working to increase customer value, expanding brand sales in the UK, developing the brand in international markets, and expanding its product range into new areas. During the period, Joules increased its number of active customers by 8% to 1.5 million.
Colin Porter, Joules chief executive, said: “Joules has delivered another strong performance this year with growth across channels and product categories, both in the UK and internationally. These results in a challenging retail sector reflect the strength and appeal of the Joules brand, the flexibility of our ‘Total Retail’ model, and the success of our carefully managed product extension strategy.”
The company also revealed that trading since the start of the new financial year has been in line with expectations.
Porter added: “We are pleased with the group’s performance to date in the early stages of our new financial year. Looking ahead, whilst the consumer retail environment is anticipated to remain challenging, particularly in the UK, the board and I believe that Joules remains well-positioned for continued success both in the UK and our target international markets.”
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