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High Street

Joules continues to defy retail gloom as sales and profits rise

British clothing retailer Joules has continued to defy the high street gloom by reporting double-digit growth in both revenue and profits.

In its full-year results ending 27 May Joules posted group revenue of £185.9m, up 18% when compared with the £157m reported the previous year. Group revenue was boosted by a 35% increase in international revenue which Joules said now represents 13% of group revenue.

Underlying profit before tax also jumped 28% to £13m up from £10.1m when compared with the previous year. Underlying EBITDA also increased by 24.4% to £21.m, prompting the announcement of a final dividend of 1.3 pence per share.

Joules currently operates from 123 stores in the UK and ROI and in its results announced that its active customers increased by 23% to 1.15 million people.

Colin Porter, CEO, 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. This performance is testament to the strength and appeal of the Joules brand, our unique product offer and our growing and loyal customer base.

“We have made excellent progress against our strategy of expanding the brand both at home and abroad, and the board remains confident that this momentum will continue in FY19.”

In the update, non executive chairman, Neil McCausland, said: “The brand has strong momentum and we have seen good growth in the first few weeks of our new financial year with positive early feedback on our Spring/Summer 2019 ranges from our wholesale customers.

“The challenges facing the wider UK retail sector are well documented. The shift towards online shopping in combination with sector discounting, cost and consumer spending pressures is making life incredibly challenging for some retail businesses.”

He added: “However, Joules is a distinctive brand with a strong connection with its customers and we have a flexible business model and multiple routes to market supported by a well invested infrastructure and a committed and enterprising team.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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