Joules revenue grows 17%, shares rise

The premium British lifestyle brand Joules (LON:JOUL) announced that group revenue for the 52 weeks to 26 May was up 17%, in a trading statement on Thursday.

Group revenue grew 17.2% to £218 million over the period as the strong momentum from the first half of the year and Christmas extended through to the second half.

Shares in the clothing and homewear products company were up on the announcement.

At the start of the year, Joules revealed that it had experienced a strong trading performance over the Christmas period, hoping to maintain its profit outlook following the festivities.

The company highlighted that retail and wholesale revenue figures were impacted by the transition of some UK wholesale accounts to the retail concession model. However, Joules insists that this move provides it with greater future trading flexibility.

“As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our E-commerce and Licensing channel, reflects the strength of our distinctive brand as well as the appeal of our products across and ever-increasing range of lifestyle categories,” Colin Porter, Chief Executive Officer, commented on the announcement.

Joules recently appointed Nick Jones, Asda’s Commercial Director, as its new Chief Executive, set to join the company towards the end of the year.

“The Group’s flexible and integrated ‘total retail’ model is well suited to meet rapidly evolving consumer shopping behaviours. Supported by this strong momentum and out understanding brad, growing customer base and skilled colleagues across the world, we continue to look forward with confidence despite well-documented sector headwinds,” the Chief Executive continued.

Indeed, the growth that Joules has achieved over the period has occurred against the backdrop of a challenging sector trading environment. The conditions to hit the UK high street are by no means unknown, and retailer after retailer has joined the list of businesses struggling amid store closures and staff cuts.

As of 12:46 BST Thursday, shares in Joules Ltd (LON:JOUL) were trading at +5.01%.