Joules revenue growth boosted by strong online performance
Joules increased its group revenue by 17.2% to £218 million in the year to 26 May.
In a pre-close trading update, the fashion lifestyle brand said the strong momentum experienced during its first half and over the Christmas trading period had continued into the second half of the financial year.
Retail and wholesale revenue rose by 22.7% and 2.9% respectively, although both were impacted by the transition of some UK wholesale accounts to the brand’s retail concession model.
Online sales were particularly strong and accounted for half of the brand’s retail revenue.
Meanwhile, licensing sales surged by 147.3% driven by the success of both existing and new licensing partnerships.
Joules also benefited from the continued growth of its international business which now accounts for approximately 16% of its revenue.
The brand said it now expects its full year pre-tax profit to be at the upper end of analysts’ expectations.
Colin Porter, chief executive of Joules, added: “As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our ecommerce and licensing channels, reflects the strength of our distinctive brand as well as the appeal of our products across an ever-increasing range of lifestyle categories.”
Joules will announce its preliminary results for the year to 26 May on 23 July.
