Joules [IRDX RJOU] today said group revenues of £157m in the year to May 28 were 19.6% up on the same time last year, reflecting its expansion at home and abroad – and fast ecommerce growth.
The retailer, a Top150 trader in IRUK Top500 research, said that its sales growth came as more customers shopped with it, both online and through its stores.
“This performance was driven by strong growth in the ecommerce channel as well as continued growth across the group’s UK and ROI store estate where the group opened 11 net new stores in the period,” Joules said in today’s end-of-year trading statement.
Chief executive Colin Porter said: “The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base. The brand’s growth continued in the second half of the financial year, building on the strong performance in H1. As a result of the brand’s momentum across channels and product categories, the board anticipates reporting profits for the full year comfortably ahead of its previous expectations.
“Our focus on our brand and our customers as well as our steadfast commitment to product quality remain the bedrock for the group’s growth and success. Underpinned by these strengths, the board has confidence that Joules’ momentum will continue into FY18, despite the uncertain macro-economic outlook. This confidence is supported by the growth in our customer base and our exciting new store opening plans, as well as a robust Autumn/Winter wholesale order-book both in the UK and internationally.”
This is Joules’ first full-year since joining the AIM market of the London Stock Exchange last May. During the year, wholesale sales grew by 20.3% on the previous year, and Joules says strong retail and wholesale sales, together with stronger profit margins as more sales were made at full price and distribution was made more efficient, mean it now expects to report pre-tax profits “comfortably ahead” of previous expectations. Its full-year results will be reported on July 26.
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