Joules sales up 19.6% in first full year on AIM
Joules has reported a near 20% rise in sales to £157m in the year to 28 May 2017, which marks its first full year as a listed company on AIM.
In its pre-close period trading statement the premium fashion and lifestyle brand said the business had had a strong start to FY17 followed by a strong Christmas and the growth was “a reflection of the brand’s expansion in the UK and international markets, Joules’ growing customer base, and the positive customer responses to both new and core ranges across product categories”.
Retail revenue was up by around 19.4% on the prior year driven by strong e-commerce growth and and the addition of 11 new stores in the UK and Republic of Ireland. Wholesale was up by approximately 20.3% and the group has upped its guidance for its full-year profit forecast.
“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,” said CEO Colin Porter.
“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. This confidence is supported by the growth in our customer base and our exciting new store opening plans, as well as a robust Autumn/Winter wholesale order-book both in the UK and internationally,” Porter added.
The business will publish its preliminary results on 28 July.