Joules hails 'tranformational year' as profit, sales rise

In the 52 weeks ended 29 May, underlying pre-tax profit rose to £7.5m from £5.3m, on revenue of £131.3m, up 12.8% from the year before.

However, the company swung to a £1.18m statutory pre-tax loss for the period, in part due to higher administrative expenses related to its initial public offering.

Joules’ active customer base increased by 33% to 824,000 and it now has 97 stores, versus 91 in 2015.

Chief executive Colin Porter said: “FY16 was a transformational year in the development and expansion of the Joules brand which included our successful admission to AIM in May.

“We have delivered strong growth across our Retail and Wholesale channels, significantly increasing profitability by effectively leveraging our operating cost base. Our active customer base and international sales have also grown impressively, all of which is great testament to the growing strength and appeal of Joules as a premium lifestyle brand.”

Joules said trading to date in full-year 2017 has been in line with expectations and early feedback on its Spring/Summer 2017 ranges from its trade customers has been positive.

At 0910 BST, shares were down 2.6% to 187p.