Joules reports strong revenue growth
Joules has reported that group revenue climbed by 19.6% to £157 million in the year to 28 May as the lifestyle clothing brand continues to expand in the UK and overseas.
In a pre-close trading statement, the company said retail revenue in its first full year on the stock market increased by around 19.4% on the previous year with the performance driven by strong online growth as well as continued growth across the group's UK and Republic of Ireland store estate.
Colin Porter, Joules chief executive, said: "The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base. The brand's growth continued in the second half of the financial year, building on the strong performance in H1.
“As a result of the brand's momentum across channels and product categories, the board anticipates reporting profits for the full year comfortably ahead of its previous expectations.”
The company’s wholesale segment was up by approximately 20.3% year-on-year driven by strong growth in the Spring/Summer order-book from both UK and international customers.
Joules said it expects to report a strengthening in gross margin against the prior year as a result of it achieving a higher proportion of full price sales.
Porter added: “Our focus on our brand and our customers as well as our steadfast commitment to product quality remain the bedrock for the group's growth and success. Underpinned by these strengths, the board has confidence that Joules' momentum will continue into FY18, despite the uncertain macro-economic outlook.”
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