Joules reports growth in sales and profit in ‘transformational’ year
Lifestyle clothing brand Joules has reported that its full year group revenue increased by 12.8% to £131.3 million as it continued on its growth strategy.
In the 52 weeks to 29 May underlying pre-tax profit climbed by 41.5% to £7.5 million while underlying EBITDA rose by 28.6% to £13.5 million. Meanwhile retail sales increased by 12.8% with online sales up 17.3% and store sales up 13.1%.
Colin Porter, Joules chief executive, said: “FY16 was a transformational year in the development and expansion of the Joules brand which included our successful admission to AIM in May.
“We have delivered strong growth across our Retail and Wholesale channels, significantly increasing profitability by effectively leveraging our operating cost base. Our active customer base and international sales have also grown impressively, all of which is great testament to the growing strength and appeal of Joules as a premium lifestyle brand.”
Wholesale sales were up 18.3% which the company said was a reflection of the growing appeal of the Joules brand in the UK and target international markets. International revenue now represents 10.1% of group revenue.
During the year the number of Joules active customers grew by 33% to 824,000.
Porter added: “Group trading to date in FY17 has been in line with expectations and early feedback on our Spring/Summer 17 ranges from our trade customers has been positive. The group has a clear growth strategy, underpinned by the consistent quality and design of our products and the skill and commitment of our enterprising team.
“The board remains confident in the brand’s long term development in the UK and internationally.”
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