Joules posts jump in full-year sales months after floating on AIM

In its first trading update since floating on AIM, Joules said group revenues advanced 12.7% to £131.3m in the 52 weeks to May 29.

Retail sales increased 11% to £93.7m during the period, while its wholesale division posted a 17.6% jump in sales to £37.2m.

Joules said UK sales climbed 11.6% to £118.1m compared with the previous year.

Its international business also delivered growth, as sales surged 24.7% to £13.2m. The retailer revealed that overseas sales now represent just over 10% of group revenue.

Joules said its preliminary results are poised to be “in line with management expectations” when it unveils the figures on September 7.

“We have a clear growth strategy of increasing customer value, rolling out UK stores, accelerating international growth and delivering product extensions”

Colin Porter, Joules

Joules boss Colin Porter said: “This has been a year of great progress in further developing Joules as a fun, family, ‘time-off’ lifestyle brand across multiple sales channels both in the UK and internationally.

“We have a clear growth strategy of increasing customer value, rolling out UK stores, accelerating international growth and delivering product extensions.

“We remain confident in continuing to deliver further growth as a listed company.”

Joules made its stock market debut last month, listing on AIM with a share price of 160p – valuing the retailer at £140m.

Its share price rocketed by nearly a quarter on the first day of trading, surging to 195p.