Joules profits skyrocket in first year since going public

Joules profits

British fashion chain Joules has revealed soaring profits in its “very exciting” first year after going public.

In the 52 weeks to May 28, underlying profits jumped by 34 per cent to £10.1 million, while underlying EBITDA increased 25.3 per cent.

Sales across all channels saw similar growth, with group sales rising 19.6 per cent to £157 million.

Active customers grew 14 per cent to 907,000 alongside 11 store openings, driving a 17.5 per cent rise in store sales.

Ecommerce sales also shot up 29.4 per cent, now accounting for almost a third of the retailer‘s total sales.

READ MORE:  Joules splashes out £4.4m for new headquarters

Elsewhere, international sales also performed well, seeing total international revenue grow by 36.2 per cent, and wholesale to third party retailers jumping 17.6 per cent on a constant currency basis.

“The strong progress delivered during the year was again underpinned by the group‘s steadfast focus on its growing and loyal customer base, product quality and delivering engaging experiences across all channels,” chief executive Colin Porter said.

Acknowledging the “uncertain macro-economic outlook”, Porter stated he was confident the retailer was on track to continue to grow throughout the next year.

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