Joules posts 16.2% hike in sales in half-year update

Joules recorded an increase in sales throughout the first half of its financial year, delivering strong growth across all channels.

Group revenue increased 16.2 per cent from £70.1 million to £84.1 million year-on-year for the 26 weeks to November 27, which the retailer said was a result of “the brand‘s increasing footprint, growing customer base and the strong performance of both new and core ranges across product categories”.

Revenue from its retail arm increased by 15.8 per cent from £49 million to £56.7 million year-on-year, driven by good growth across stores and e-commerce.

Meanwhile, its margin is expected to rise by around 100 basis points due to more full-price sales, enhanced distribution efficiencies and a good product mix in its international wholesale sales.

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

The retailer also continued to expand its presence in line with its plans, with the opening of a net 10 new stores during the half-year period.

Joules chief executive Colin Porter said: “The group has continued to perform well throughout the first half of the financial year delivering strong growth across all channels. 

“This reflects the strong appeal and quality of our products as well as the appeal of the Joules brand to both new and existing customers.

“We look forward with confidence to the second half of the financial year and beyond, despite the uncertain macro-economic outlook. We have seen strong growth in our wholesale order book for spring/summer 17 and we are well positioned for the Christmas trading period.”

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