Joules defies high street gloom with 18% rise in revenue

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Premium lifestyle retailer Joules has managed to defy overlying concerns on the health of the high street by posting an 18.4 per cent rise in revenue for its full financial year.

In the 52 weeks to May 27, revenue came in at £185.9 million, up 18.8 per cent in constant currency to £186 million.

Underlying profit before tax rose 28.5 per cent to £13 million and underlying EBITDA was up by 24.4 per cent to £21.1 million.

Joules chief executive Colin Porter said it had been “another strong year of growth” for the retailer, adding that “continued expansion within the UK and international markets enabling the group to a profit performance ahead of initial expectations”.

Operating 123 stores in the UK and Ireland, Joules has managed to outpace its struggling high street rivals, a performance retail analysts attributed to its brand heritage and wide appeal.

Porter said the growth was “testament to the strength and appeal of the Joules brand, our unique product offer and our growing and loyal customer base”.

The chief executive added that Joules’ board was confident in seeing the business’ current momentum continue into the next financial year.

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