Joules profits to beat expectations after sales surge

It reported that group revenues climbed 18.4% year on year to £185.9m in the 52 weeks to May 27.

Retail revenue was up 15.9% on the previous year “driven by a very good ecommerce performance [and] continued growth” from stores. Joules’ wholesale business delivered a 24% sales advance.

As a result, Joules bosses expected underlying profit before tax to be “marginally” ahead of analyst expectations of about £12.6m.

Chief executive Colin Porter said: “This performance is testament to the strength and appeal of the Joules brand and our distinctive products, which continue to resonate with our growing and highly engaged customer base.

“Our multichannel approach and ‘buy now, wear now’ product proposition has enabled the group to deliver a performance ahead of our initial expectations, despite the widely reported challenges in the sector.

“We have made excellent progress against our strategy of further developing the brand in the UK and target international markets and we remain confident of continued growth and expansion of the Joules brand.”