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Confident Joules ups profit guidance following strong results

British lifestyle brand Joules has said it expects full-year profits for its 2018 financial year to fall ”comfortably” ahead of expectations, as it continues to increase full-price sales and improve distribution.

Group revenue at the retailer increased by 19.6% to £157m for the year ending 28 May 2017, ahead of previous forecasts of £152m, which was helped by expansion in the UK and internationally. Retail revenue increased by 19.4% and the wholesale arm of the business also performed well, up 20% on last year.

Chief executive officer Colin Porter said: “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 wholesale order-book both in the UK and internationally.”

 

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