Joules, the British lifestyle brand, which this year turns 25, has more than one reason to celebrate, having this morning reported a strong total revenue growth (of 21.3% to £96.3m) for its full year results.
Retail sales from stores achieved 36% growth during the year, balanced across travel locations, heartlands towns and regional shopping centres. This reflects the strength and popularity of the brand as well as the accepted quality of the product.
Direct retail sales, which comprise ecommerce and catalogue, also grew by 36%, aided by the continuous development of Joules’ ecommerce proposition including the introduction of click and collect during the period. Direct retail sales represented more than 34% of total retail sales and this strong balance reflects the multi-channel appeal of the brand as well as the strength of Joules’ proposition online.
Wholesale sales, the most established of its distribution channels, continued to experience good growth, up 5% against the comparable period in the prior year. Joules has an exceptional wholesale customer base comprising large and much-loved national retailers such as John Lewis and Next Labels to smaller, independent specialists that are appropriate for the Joules brand..
A key pillar of the fashion retailer’s growth strategy is capitalising on the significant international opportunity through considered overseas expansion primarily through wholesale. The appeal of British brands in international markets remains, and Joules’ quirky personality clearly resonates with the international customer. International sales increased by 46% during the period and are up a further 74% in the year to date, driven by particularly strong customer reactions in the USA and Germany.
Management continues to extend the reach of Joules as a lifestyle brand by carefully extending into new product categories. This included the launch of a new eyewear range and extending the homewares range.
Joules is continuing to invest in the brand’s long term growth and during the period opened 19 new stores, to reach 85 at the period end. This expansion has continued with a further 14 opened in the year to date, currently standing at 99 stores. The company also continues to build on infrastructure to support the long term growth plans of the business with the installation of a new epos system in stores, a new warehouse management system to accommodate additional volumes and several important enhancements to its online proposition.
Tom Joule, Founder and CEO, said:
“This was an exceptional period for the business as we continued to deliver strong progress against our strategy of developing Joules as an international lifestyle brand.
We remain resolutely focused on carefully growing Joules in the UK and internationally whilst ensuring the brand remains loved by existing customers and attracting new ones. This has resulted in strong growth across all of the brand’s distribution channels. The brand continues to build momentum in the UK and enjoys a positive early reaction in international markets, underpinned by the quality of our products. We remain excited about the growth opportunities across our markets.”