Joules profits rise 19.4% amid plans for US expansion

Joules expansion
// Joules underlying pre-tax profits rose 19.4% to £15.5m in the year ended May 2019
// Group revenue rose 17.2% to £218m
// Joules said it will focus on expanding in the US market

Joules has recorded strong full-year profits and sales growth as it announces plans for US expansion.

For the year ended May 2019, underlying pre-tax profits rose 19.4 per cent to £15.5 million.

The fashion retailer’s group revenue rose 17.2 per cent to £218 million, bolstered by a 43.5 per cent growth in international sales, which comprised 16.1 per cent of group sales during the period.

Meanwhile, UK retail sales were 23 per cent ahead at £159.1 million, although some of this growth came from switching Next Label and John Lewis womenswear from wholesale to retail.

Online sales accounted for 50 per cent of the retail sales, while wholesale revenues grew three per cent to £57.1 million.

Joules said it will focus on expanding in the US, outside of the wholesale market, adding that there is the likelihood of additional investment in marketing to US consumers.

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