Joules posts rise in revenue as international sales jump

Premium fashion and lifestyle brand Joules said it experienced a healthy rise in annual revenue thanks to a solid international performance, in its first trading update since floating on AIM in May.

Unaudited group revenue in the 52 week period to the end of May was up 12.7% to £131.3m compared to the prior period. Against the comparable 52-week period, revenue was up 14.2%.

Retail sales were up 11% from the same period a year ago to £93.7m.

UK sales rose 11.6% to £118.1m, while international sales increased by 24.7% to £13.2m and now account for just over 10% of the company’s revenue.

Joules, which has 100 stores in the UK Ireland and a database of 2m online customers, said the full-year results due in September were anticipated to be in line with management expectations.

Chief executive 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.”

Joules, founded in 1989, floated on AIM, the London Stock Exchange’s junior market, in May. Reportedly founder Tom Joules cut his stake from 80% to about 50% and netted £40m.

Joules’ share price fell 0.32% to 188.9p at 1325 BST.