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Joules revenues rise by one-fifth

Joules increased group revenue by 18.4% to £185.9m for the year to 27 May compared with 2016/17.

In a trading update, the lifestyle retailer reported retail revenue was up by 15.9%, driven by “a very good ecommerce sales performance, as well as continued growth across the group’s UK and Ireland store estate”.

Wholesale revenue rose by 24% in the year.

Joules predicted gross margin would rise slightly for the next year as a result of “maintaining promotional discipline”, and improvements in international wholesale, including the migration of US third-party distribution to an in-house model.

It said full-year pre-tax profits would be “marginally ahead” of analysts’ expectations of £12.6m.

Chief executive Colin Porter said: “Our multichannel approach and ’buy now, wear now’ product position has enabled the group to deliver a performance ahead of our initial expectations, despite the widely reported challenges in the sector.

“We have made excellent progress against our strategy of further developing the brand in the UK and target international markets.”

The group will announce its preliminary results for the year to 27 May on 25 July.

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