A trading update from fashion retailer Joules has sent its shares flying as it revealed double-digit revenue growth for the past year.
In the year to May 28, its first year as a listed company, the upmarket retailer saw a 19.6 per cent rise in revenues to £157 million.
Its wholesale revenues saw a 20.3 per cent rise, alongside a retail revenue boost of 19.4 per cent year-on-year.
During this morning’s trading, its stocks rose by six per cent, bolstering confidence from both investors and its executives.
READ MORE: Joules posts double digit growth in all sectors
Throughout the year Joules added 11 new stores to its estate, which it attributed to its financial growth.
“The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base,” chief executive Colin Porter said.
“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 2018, 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.”
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