Joules ups profit outlook after emerging in “stronger position than ever before”

Joules Nick Jones
In-store sales for the 4 weeks following reopening in England and Wales on April 12 were ahead of the pre-pandemic equivalent period in 2019
// Joules expects sales and profits for the 2021 financial year to be ahead of analyst expectations
// The increase in online sales, reopening of stores and strong sales at Garden Trading has boosted sales
// Online sales rose by around 50% during the period

Joules has said it expects sales and profits for the 2021 financial year to be ahead of analyst expectations of £187 million revenue and pre-tax profit before exceptional items of £4.1 million.

The increase in online sales, reopening of stores and strong sales at Garden Trading has boosted sales at Joules for the 11 months to May 2.

Online sales rose by around 50 per cent during the period compared with the same period last year.


READ MORE: Joules announces ESG-linked financing facility to “enhance robust position”


The group said Friends of Joules, its lifestyle digital marketplace for third-party brands also “continued its strong growth momentum”.

In-store sales for the four weeks following reopening in England and Wales on April 12 were ahead of the pre-pandemic equivalent period in 2019.

Earlier this year, Joules opened new stores in North Berwick, and at Center Parcs locations Woburn and Longleat. Last year, it relocated two stores in Beverley and Cirencester.

Meanwhile, outdoor furniture and home chain Garden Trading performed ahead of expectations in the first three months since the acquisition – sales were up 85 per cent year on year.

“Although the past 12 months has been incredibly challenging for the retail sector, I truly believe that Joules is now in an even stronger position than ever before,” Joules chief executive Nick Jones said.

“We have an increasingly digital-led business, more diversified income streams and a broader product proposition that is highly relevant to our customers’ lifestyles.

“While the retail sector will continue to face near- and medium-term challenges as a result of the pandemic, we look forward to the future with confidence underpinned by the strength and relevance of our brand and business model.”

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