Tuesday, September 29, 2020

Joules records rise in sales and profits after “transformational year”


Joules has dodged any immediate impact from Brexit uncertainty as recorded a rise in sales and profits in its first full-year financial report since the retailer entered the London Stock Exchange‘s Aim market in May.

Joules‘ group sales grew by 14.2 per cent to £131.3 million for the year ending May 29, compared with the previous year‘s figure of £116.4 million.

Meanwhile, underlying profit before tax came in at £7.5 million, a 41.5 per cent jump from last year‘s £5.3 million.

Wholesale sales were also up by 18.3 per cent on the previous year, ecommerce sales increased 17.3 per cent, store sales spiked by 13.1 per cent and international revenue now accounted for 10.1 per cent of group revenue.

The British retailer grew its customer base by a third to 824,000 and the year with 97 stores in its estates – up from 91 last year. During this period it opened ten new stores, converted one franchise and closed five stores.

Joules chief executive Colin Porter said the results were a reflection of a “transformational year in the development and expansion of the Joules brand, which included our successful admission to AIM in May”.

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