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Joules turnover doubles thanks to wholesale boom

Lifestyle business Joules has credited its tailored collections and brand extensions with helping to double its earnings over the past year.

Turnover in the year to May 31 grew 19% to £79m as EBITDA more than doubled to £7.4m. Like-for-like sales also delivered double-digit growth.

Sales across Joules’ wholesale arm increased 9%, or £1.9m, during the year, edging towards the £25m mark.

Founder Tom Joule told Drapers: “All channels have grown but we are particularly happy with wholesale as it has grown significantly despite being our most mature channel.”

Joule said the brand, which has 650 accounts in the UK and Republic of Ireland, had developed more meaningful relationships with its stockists but had also attempted to clean up its wholesale base and move towards more contemporary retailers.

He highlighted “better and targeted” product ranges as the driving force behind the overall growth.

“We are producing clothing specifically for our retailers but I’d like to have more of it,” Joule added.

Specialised products for spring 13 included jumpers featuring town and village names local to its stockists.

International sales made up 5% of sales for the year, with Joules building a presence in the US, parts of Asia and Europe. It is now looking to increase its presence in existing territories such as Japan, Germany and Singapore.

“International is really exciting. I’d love to see it as 10% of the business next year. I’m cautious but it’s a possibility,” said Joule.

This year Joules extended its product range into bed linens, mobile phone and tablet cases and dog beds, which Joules said had been “another big win”.

The company will continue to expand product categories over the next year in a bid to drive further growth.

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