Joules' profits surge as store defies high street gloom
Joules has defied the gloom on the high street with high-than-expected profits for the year.
Group revenue at the apparel and homeware brand was up 18.4% to £185.9 million in the year ended May 27, with underlying profit before tax surging 28.5% to £13m from £10.1m.
Analysts had been expecting profits of around £12.5m.
The retailer, which now operates in the US, Germany, France as well as other European countries, reported a 35.7% increase in international revenues, which now make up 13.1% of the group’s overall sales.
Wholesale revenues were up by 24.1% to £55.5m.
“It has been another strong year of growth for the Joules brand, with our continued expansion within the UK and international markets enabling the group to a profit performance ahead of initial expectations,” said chief executive Colin Porter.
The company, which describes itself as a lifestyle brand rather than a just traditional clothing retailer, has 123 stores in the UK and Ireland and also sells its products through wholesale deals with John Lewis and Next.
The company will be launching concessions in John Lewis and Next over the coming year.
In the United States, the company has a wholesale model and has introduced its brand through department stores such as Nordstrom and Dillard’s.