Latest financial results of British lifestyle brand Joules covering the 52-week period to 28 May 2017 report group revenues increased by 19.6 per cent year on year to £157.0 million, as the Group’s strong performance in the first half of FY17 and the Christmas trading period continued during the second half of the Period. This strong growth is 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 throughout the Period.
Retail revenue increased by approximately 19.4 per cent on the prior year, driven by strong growth in the e-commerce channel as well as continued increases across the group’s UK and ROI store estate, where Joules opened 11 net new stores in the period.
The Wholesale segment was up by approximately 20.3 per cent on the prior year, a solid performance which is said to be in line with the Board’s expectations and driven by strong growth in the spring/summer order-book from both UK and international wholesale customers.
A strengthening in the group gross margin against the prior year is anticipated as a result of a higher proportion of full price sales, as well as further distribution efficiencies and a favourable product mix within international wholesale.
“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,” says Colin Porter, chief executive officer. “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.”