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International growth boosts Joules

Strong international growth has helped fuel sales at British lifestyle brand Joules.

Group revenue rose 17.2% in the year to 26 May. Joules said the increase was driven by an appealing product range and the continued success of its international business, which now accounts for 16% of group revenue.

However, Joules said retail and revenue figures were affected by the transition of some UK wholesale accounts to a new retail concession model, which it argues provides greater flexibility. The brand said retail revenue grew by 10% on a comparative basis and wholesale by 22%.

Wholesale revenue benefited from a strong performance in the US and Germany, and now represents around half of sales.

Joules said it expected full-year underlying profit before tax to fall in the top end of analysts’ forecasts, at around £15.3m.

Colin Porter, chief executive officer, said: “As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our ecommerce and licensing channels, reflects the strength of our distinctive brand, as well as the appeal of our products across an ever-increasing range of lifestyle categories.

“The group’s flexible and integrated ‘total retail’ model is well suited to meet rapidly evolving consumer shopping behaviours. We continue to look forward with confidence, despite well-documented sector headwinds.”

Porter will be replaced by incoming Joules chief executive Nick Jones, who joins from supermarket Asda. Jones will join Joules before the end of the year and, following a short hand-over period, Porter will then step down.

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