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Joules hails ‘strong year of growth’ as sales and profits soar

British lifestyle retailer Joules has announced a 28.5% jump in underlying profit before tax, to £13m, for the 52 weeks ended 27 May 2018, with CEO Colin Porter hailing a “strong year of growth” for the brand.

Revenue for the period rose by 18.4% to £185.9m, and underlying EBITDA also rose by 24.4% to £21.1m.

The Joules Group also saw a 40.4% rise in international sales in constant currency to £24.6m, and now makes up 13.1% of the group’s overall revenue. Priority markets for the brand include the US and Germany.

The brand saw retail revenue grow by 15.9% to £129.7m, which included a 28% increase in ecommerce sales, which now make up 38.4% of total retail revenue.

Commenting on the results, Porter said: “It has been another strong year of growth for the Joules brand, with our continued expansion within the UK and international markets enabling the Group to a profit performance ahead of initial expectations.

“This performance is testament to the strength and appeal of the Joules brand, our unique product offer and our growing and loyal customer base. We have made excellent progress against our strategy of expanding the brand both at home and abroad, and the board remains confident that this momentum will continue in 2019.”

The brand currently has 123 store in the UK and Ireland, as well as 1,500 stockists internationally, including John Lewis, Next Label and Nordstrom in the USA.

 

 

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