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Joules posts surge in profits

Lifestyle fashion brand Joules has increased its full year underlying pre-tax profit by 34% to £10.1 million as it continues to expand both in the UK and overseas.

FASHION

Joules posts surge in profits

Lifestyle fashion brand Joules has increased its full year underlying pre-tax profit by 34% to £10.1 million as it continues to expand both in the UK and overseas.

In the year to 28 May, group revenue climbed by 19.6% to £157 million while retail sales grew by 19.4%. Store sales were up 17.5% in the period following 11 net new store openings.

Statutory pre-tax profit, including exceptional IPO transaction costs and share based compensation, was £8.9 million compared to a loss f £1.2 million in the previous year.

Colin Porter, Joules chief executive, said: "FY17 was another very exciting year for the group as the Joules brand continued to expand and develop across distribution channels and product categories both in the UK and internationally.

“The strong progress delivered during the year was again underpinned by the group's steadfast focus on its growing and loyal customer base, product quality and delivering engaging experiences across all channels.”

International revenue increased by 36.2% and now represents 11.5% of group sales.

Meanwhile, online sales rose by 29.4% to account for 34.8% of retail sales. The company also grew its number of active customers with an uplift of 14% to 907,000.

Joules said it was confident that the momentum will continue into the new financial year despite the uncertain macro-economic outlook.

Porter added: “This confidence is supported by the growth in our customer base, our exciting new store opening plans, a robust Autumn/Winter wholesale order-book both in the UK and internationally, and positive early feedback on our Spring/Summer 2018 ranges from wholesale customers."

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