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‘Strong performance’ at Joules

Group revenue at Joules increased 18.2% to £96.2m for the 26 weeks to 26 November, following successful new customer acquisition and a “strong performance” across its autumn product.

Retail revenue for the half year was up 16.2% to £65.9m, driven by “good growth” across both stores and online. The group opened a net 10 new stores during the period.

Wholesale revenue increased in line with expectations, by 23% to £30.1m. The business said this reflected growth in the autumn 17 wholesale order book.

Joules now has more than one million active customers.

Gross margin for the 26 weeks is expected to be in line with the first half of 2016, due to “discipline in promotional activity” and an improvement in international wholesale gross margin.

Colin Porter, chief executive, said: “The Joules brand has performed well in the first half of FY18, delivering further expansion across markets, channels and product categories. The group’s performance reflects the growing appeal of the Joules brand amongst both new and existing customers across our target markets.

“We look forward with confidence to the second half of the financial year, underpinned by the strength of the Joules brand and our collections. Whilst trading conditions will remain challenging, we have seen good growth in our wholesale order book for spring 18 and are well positioned for the Christmas trading period.”

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