Joules defiant as full year revenue rises 17%

Joules revenues
// Joules posts group revenue for the year of £218 million, up 17.2 per cent
// Premium lifestyle business said the growth “is testament to the strength of the Joules brand”
// Company also cited “strong growth of international business” behind momentum

Premium lifestyle retailer Joules has defied tough trading conditions on the high street with group revenue up 17.2 per cent for the year.

In the 52 weeks to May 26, Joules saw revenue at its retail business rise 22.7 per cent to £159.1 million.

Revenue at its wholesale business came in at £57.1 million, rising 2.9 per cent, as Joules said some of its UK wholesale accounts transitions to a new retail concession model, in a move the retailer said “provides Joules greater future trading flexibility”.  

Joules operates 124 stores in the UK and Ireland, across a range of location types, alongside 34 concessions and a well-established wholesale business with over 2,000 stockists worldwide, including John Lewis and Nordstrom.

As part of its trading update this morning, Joules said it expected full-year underlying profit before tax to fall in the top end of analysts’ forecasts, at around £15.3 million. 

“The group continued to benefit from its flexible and integrated ‘total retail’ model as well as a steadfast focus on delivering a seamless and enjoyable experience to customers, irrespective of how they choose to shop the Joules brand,” the company said in its annual statement.

The results come as Joules revealed it appointed Asda commercial director Nick Jones to replace its current chief executive of eight years, Colin Porter. 

Jones will join Joules by the end of 2019, following a short handover period with Porter.

“As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our ecommerce and licensing channels, reflects the strength of our distinctive brand as well as the appeal of our products across an ever-increasing range of lifestyle categories,” said the outgoing chief executive Porter.

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