// Joules swings to £6.1m profit for the year compared to a loss of £3.9m the year prior
// Statutory pre-tax profit came in at £2m for Joules’ fiscal year, compared to a loss of £24.8m
// Full-year revenue rose 4.3% year-on-year to £199 million, driven by a 48% surge in online sales
Joules has returned to profit after it saw full-year revenues climb to almost £200 million – which was driven by a strong online performance.
The fashion and lifestyle retailer reported a pre-tax profit before exceptional costs of £6.1 million for its financial year ending May 30. This was within forecasts and also compares to a loss of £3.9 million the year prior.
On a statutory basis, pre-tax profit came in at £2 million for Joules’ fiscal year, compared to a loss of £24.8 million.
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Meanwhile, full-year revenue rose 4.3 per cent year-on-year to £199 million, driven by a 48 per cent surge in online sales, which came in at £122 million for the year.
Ecommerce now accounts for 77 per cent of Joules’ total retail revenue, up from 56 per cent the previous year.
Overall store sales declined to £36.6 million from £63.3 million the year prior, which Joules said was due to the forced closure of non-essential retail stores, and cancellation of shows and events as a result of Covid-19.
Joules said its stores were closed for approximately six months of the fiscal year compared with two months in the prior year.
”It is safe to say that FY21 was characterised by truly unprecedented trading conditions,” Joules chief executive Nick Jones said.
“Against this backdrop, the group delivered strong strategic progress, including growing our digital proposition, increasing our active customer base, and further diversifying as a leading lifestyle platform with the successful acquisition of Garden Trading and the continued expansion of [marketplace] Friends of Joules.
”At the centre of our growth strategy remains the strong Joules brand. During the year we continued to deliver on our brand’s clear mission and purpose – to brighten our customers’ lives and conduct business in a responsible way.
”As more and more consumers increasingly valued their leisure time spent outdoors and time doing the things they enjoy with the people they love, our brand has become increasingly relevant to a greater number of customers, reflected by brand health metrics reaching all-time highs.
”As we move into the new financial year, the continued success and growth of Friends of Joules and our strengthened position in the home, garden and outdoor sector means that the group now offers significantly more products and categories than ever before, therefore providing customers with greater choice and more reasons to shop with us.”