Joules breaks fashion trend with soaring sales

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Joules

Joules has continued to perform strongly despite increasing pressure on the fashion sector, reporting a rise in sales and profits amid its interim results.

In the 26 weeks to November 26, revenues rose 18.2 per cent to £96.2 million, and 17.5 per cent on a constant currency basis.

Meanwhile, profits also shot up, with underlying pre-tax profits rising 24.3 per cent to £9.3 million alongside an EBITDA rise of 22.5 per cent to £13.3 million.

The rise was down to a fairly even growth across all platforms, with retail sales rising 16.2 per cent.

This was split between a 16.2 per cent and 19.7 per cent rise in ecommerce and store sales respectively.

Wholesale revenues were also up 23 per cent, alongside and international revenue rise of 26.4 per cent, now representing 11.3 per cent.

The comprehensive growth encouraged the fashion retailer to state its full year results would be ahead of current analyst predictions.

“The Joules brand has continued to perform very well, delivering growth in customer numbers and further expansion across channels, product categories and target markets,” chief executive Colin Porter said.

“While trading conditions look set to remain challenging across the sector, with our differentiated brand, unique product offer, loyal and growing customer base, exceptional team and well-invested infrastructure, Joules is well positioned for continued progress and expansion.”

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