British lifestyle brand Joules has released its latest trading update covering the 26-week period to 26 November 2017, the first half of the Group’s 2018 financial year.
Group revenue for the period increased by 18.2 per cent (17.5 per cent in constant currency) to £96.2m (H1 FY17: £81.4m), reflecting the brand’s expansion and growing customer base, which is now at more than one million active customers, and the strong performance of both new and core collections.
Retail revenue increased by 16.2 per cent to £65.9m (H1 FY17: £56.7m), driven by good growth across both stores and e-commerce. The group increased its retail store presence in line with plans, with the opening of a net 10 new stores across its different store formats during the period.
Wholesale revenue increased in line with expectations by 23 per cent (20.6 per cent in constant currency) to £30.1m (H1 FY17: £24.5m), reflecting the previously reported good growth in the a/w17 wholesale order book. The brand has also continued to expand in its target international markets.
Gross margin in the period is anticipated to be in line with the first half of the prior year, reflecting continued discipline in promotional activity and an improvement in international wholesale gross margin.
“The Joules brand has performed well in the first half of FY18, delivering further expansion across markets, channels and product categories. The Group’s performance reflects the growing appeal of the Joules brand amongst both new and existing customers across our target markets,” says CEO Colin Porter. “We look forward with confidence to the second half of the financial year, underpinned by the strength of the Joules brand and our collections. Whilst trading conditions will remain challenging, we have seen good growth in our wholesale order book for spring/summer 18 and are well positioned for the Christmas trading period.”
Joules Group plc will update on Christmas trading on 9 January 2018. The Group will announce its Interim Results for the 26-week period ended 26 November 2017 on Wednesday 31 January 2018.