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Revenues up at Joules

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British lifestyle brand Joules has announced a 17.6% rise in revenues to £113.1m for the six months to 25 November 2018, as the success of the brand’s “total retail” model offset challenging market conditions.

In its pre-close update, Joules also noted that profits before tax for the period are now expected to be slightly ahead of initial expectations.

Retail revenues rose by 21.2% for the period to £79.9m, which the brand attributed to its “seamless” model of “total retail”, a cross-channel approach blending ecommerce and physical retail. Ecommerce sales now make up almost 50% of Joules’ retail sales.

Wholesale grew by 32.5% to £32.5m, fuelled by international markets including the US and Germany. International sales now make up roughly half of all wholesale sales for the brand, and 16% of the group’s total revenue.

Despite the positive results, the brand cautioned that market conditions in the UK remain challenging, and said it has put in place contingency plans in case of a hard Brexit, These include plans to establish a European Union-based distribution facility, scheduling an earlier spring 2019 product drop, factoring in potential additional administrative costs and currency hedging for US dollars.

Colin Porter, chief executive officer of Joules, commented: “This performance, which is ahead of our initial expectations for the period, is testament to the strength of the Joules brand, the engagement of our loyal customers with our product collections, and our fantastic teams.

“Our ‘total retail’ cross-channel model, underpinned by investment in infrastructure, has proven to be well suited to today’s rapidly changing consumer shopping behaviours.”

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