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Joules reports ‘strong year of growth’

Lifestyle clothing brand Joules has seen its underlying pre-tax profit increase by 28.5% to £13 million in the year to 27 May. Revenue climbed by 18.4%… View Article

FASHION

Joules reports ‘strong year of growth’

Lifestyle clothing brand Joules has seen its underlying pre-tax profit increase by 28.5% to £13 million in the year to 27 May.

Revenue climbed by 18.4% to £185.9 million while underlying EBITDA rose by 24.4% to £21.1 million.

On statutory basis pre-tax profit was up 25.6% to £11.2 million.

Colin Porter, Joules chief executive, said: “It has been another strong year of growth for the Joules brand, with our continued expansion within the UK and international markets enabling the group to a profit performance ahead of initial expectations.”

UK sales rose by 16.2% while international sales increased by 40.4% on a constant currency basis, and now represent 13.1% of group revenue.

Retail revenue, which includes stores and concessions, ecommerce and shows, was up 15.9% during the year to £129.7 million.

Joules achieved sales growth across all of its product categories but its core womenswear category performed particularly well.

The number of Joules stores across the UK and Republic of Ireland increased to 123 by the end of the period from 108 in the previous year.

The company said it has seen sales growth in the first few weeks of our new financial year.

Referring to the current challenges facing retailers. Porter said the company was benefiting from its distinctive brand, strong connection with customers, flexible business model and multiple routes to market.

He added: “I therefore believe that Joules remains very well positioned to continue to grow and flourish in the UK and internationally despite the uncertain and changing nature of the retail sector.”

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