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Joules targets US as international sales soar

Lifestyle retailer Joules has set its sights on the US and other foreign markets after its revenues from international sales for the year to 27 May rose by 40.4% on a constant-currency basis to £24.6m.

Commenting on the strong international performance, Joules chief executive Colin Porter said: “We have seen strong sales particularly in the last six months, with the US market growing over 100%.

”We are building a strategy with wholesale partners in the US. It’s a gradual growth story of opening more doors and more categories with those partners.”

International sales made up 13.1% of the group’s overall revenue. Total sales for the period rose by 18.4% to £185.9m, and EBITDA rose 24.4% to £21.1m.

Porter noted that the brand aims to expand its product range in the US, adding womenswear lines to its kidswear offer in established partners such as department chain Nordstrom.

The strategy to target the US market comes after Porter told Drapers in June that Joules planned to concentrate on opportunities in the US, German and Far East markets.

It also plans to open around six stores in the UK in the coming year, down on the 13 opened in the previous year.

Porter added that Joules was open to opportunities in the retail market: “We are looking all the time, a pipeline of locations we would like to be in, we can and will be very discerning in the right location and the right package and are taking the opportunity to be more flexible.

He said Joules would also embark on several pop-up stores with short term leases to “test out” new locations in the coming years.

 

 

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