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Joules reports fast growth online and in stores

Joules [IRDX RJOU] says a multichannel approach to growing its brand at home and in international markets helped it to report double-digit rises in half-year sales, both online and offline.

The lifestyle brand, a Top150 retailer in IRUK Top500 research, reported group revenue of £96.2m in the half-year to November 26. That’s 18.2% up on the same time last year. Retail revenue rose by 16.2% to £65.9m, as ecommerce sales grew by 19.7% to £23.6m and store sales by 14.2% to £38.9m. Wholesale revenue grew strongly, by 23%. Pre-tax profits of £8.3m were 22.8% up on last time.

Chief executive Colin Porter said: “The Joules brand has continued to perform very well, delivering growth in customer numbers and further expansion across channels, product categories and target markets.

“The creativity, energy and ability of our entire team remains critical to driving the business forward. I would like to take this opportunity to thank all colleagues across the world for their outstanding efforts throughout the period.

“Joules’ brand, with its distinct heritage and values, underpins the group’s exciting growth potential as we continue to develop as a British lifestyle brand with broad international appeal. Whilst trading conditions look set to remain challenging across the sector, with our differentiated brand, unique product offer, loyal and growing customer base, exceptional team and well-invested infrastructure, Joules is well positioned for continued progress and expansion.”

Here’s what the retailer, which, as of November 26, sold through 118 stores and online, in the UK and the US, Germany, and other European markets, said about its multichannel strategy.

The customer
The retailer said a combination of a growing store estate and effective marketing, alongside wholesale expansion, had increased brand exposure. During the half-year, active customer numbers grew to 1.09m, 18% up on the previous year.

Expansion at home…
Joules opened 11 new stores and relocated six more with a focus on sites both on high streets and in shopping centres. It opened four in “lifestyle” locations including Ambleside in the Lake District and Salcombe in Devon. It said the payback period for new stores to recoup initial investment was “comfortably” below 24 months.

…and abroad
Joules’ primary international focus was on the German and North American markets during the year. In the US it expanded its presence in Nordstrom and Dillards stores.

Mentioned in this piece…

Joules

Joules

IRDX: RJOU

Joules, also trading as Tom Joule, designs and retails country-inspired clothing, accessories and homeware. The company was founded in September 1989.
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Image credits:
  • Image courtesy of Joules

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