Joules reports strong growth in full year sales and profits
Lifestyle clothing brand Joules saw its full year revenue climb by 21.3% to £96.3 million as it continued to expand in the UK and overseas.
In the year to 25 May 2014, pre-tax profit before exceptional items grew by 23.3% to £5.1 million.
Retail sales from Joules own stores increased by 36% with ecommerce and catalogue sales rising by the same percentage as online trade was boosted by the company’s new click and collect service.
Meanwhile, Joules saw strong growth in its international sales particularly in the USA and Germany. Wholesale sales rose by 5%.
During the year, Joules opened 19 new stores to take the total to 85 at the year end. In addition, the company has opened a further 14 stores in the year to date.
Joules continued to invest in its infrastructure in the year to support its long term growth plans. This included the installation of a new epos system in stores, a new warehouse management system to accommodate additional volumes, and enhancements to the online proposition.
The company also expanded its product categories with the launch of a new eyewear range with eyewear specialist Mondottica.
Joules founder and chief executive Tom Joule said: “This was an exceptional period for the business as we continued to deliver strong progress against our strategy of developing Joules as an international lifestyle brand.
“We remain resolutely focused on carefully growing Joules in the UK and internationally whilst ensuring the brand remains loved by existing customers and attracting new ones. This has resulted in strong growth across all of the brand’s distribution channels.
“The brand continues to build momentum in the UK and enjoys a positive early reaction in international markets, underpinned by the quality of our products. We remain excited about the growth opportunities across our markets.”