Interim Results for the 26 weeks ended 27 November 2016

31 Jan 2017

“Continued development of the Joules brand across channels and target markets”

                                                                                                                                   

 

 Highlights:

26 weeks ended

27 November 2016

26 weeks ended

29 November 2015

Increase

 
 

Group Revenue

£81.4m

£70.1m

16.2%

 

Underlying1 EBITDA

£10.9m

£9.1m

19.6%

 

Underlying1 Profit Before Tax

£7.5m

£6.2m

19.9%

 

Underlying Basic EPS2

6.8p

5.7p

17.5%

 

Interim Dividend

0.6p

nil

 

 

 

  • Group revenue increased 16.2% year on year driven by growth across retail and wholesale channels
    • Retail revenue increased 15.8% with E-commerce sales up 30.3% and store sales up 11.2%
    • Wholesale revenue increased 17.1%, reflecting the growing appeal of the Joules brand in the UK and target international markets
  • International revenue increased 39.3% and now represents 10.6% of Group revenue
  • Underlying EBITDA increased by 19.6% year on year with EBITDA margin increasing 40 basis points to 13.4%
  • Net cash at the end of the Period was £1.6 million, an improvement of £1.5m on the prior year
  • Active3 customer base increased by 30% to 922,000
  • Post-period end the brand continues to trade well with retail sales over the Christmas period (seven weeks to 8 January 2017) up 22.8% year on year
  • Maiden interim dividend of 0.6 pence (FY16: nil)

                                                                                                   
Colin Porter, Chief Executive, commented:

“Joules has continued to perform well during the first half of the financial year with strong growth delivered across the brand’s distribution channels and target markets. This significant progress reflects the quality and design of our products and the growing demand for the Joules brand, both in the UK and internationally.

Group trading over the Christmas period and in the second half of the year to date has been strong and in line with expectations. The Board remains confident in the brand’s continued development both in the UK and internationally.”

 

1 Underlying excludes share based payments, exceptional costs and non-recurring items.  In FY16, these primarily relate to the costs of admission to AIM and the capital structure in place prior to admission.  A reconciliation to reported (IFRS) results is included in the financial review below.

2 Underlying EPS: underlying PBT less tax at statutory rate divided by the number of shares on a pro forma basis, i.e. assuming that the number of shares in issue immediately post-IPO were in issue through the entire comparative period.

3 Active customer is a customer registered on our database who has transacted in the last 12 months.

4 Financial information in the front of this report has been rounded to the nearest decimal place.  Totals in the tables may not equal the arithmetic sum of presented numbers.  Percentages are calculated on non-rounded numbers and may not conform to the percentage derived from the rounded components.

5 This announcement contains inside information.

 

Enquiries:

 

Hudson Sandler (financial PR)

Tel: +44 (0) 20 7796 4133

Alex Brennan

Lucy Wollam

 

 

About Joules

Joules is a British, premium lifestyle brand.  The Company designs and sells Joules branded clothing, footwear, accessories and homeware and operates a balanced multi-channel proposition which encompasses retail (stores, E-commerce and country shows & events), wholesale and other emerging channels such as licensing.

Joules has 107* UK and ROI stores, a customer database of approximately 2.3 million* customers, an established E-commerce platform and a fast growing international presence.  Joules is also a top selling wholesale brand in major UK retailers such as John Lewis and Next Label.  In November 2016, Joules won the prestigious “Mainstream Brand of the Year” award at the 2016 Drapers Awards. This followed the business’s recognition as “Fashion Retail Business of the Year”** at the 2015 awards.

The Joules brand is at the heart of the business and encompasses values of “time-off”, heritage, countryside, Britishness, family and fun.  These brand values are reflected in the product designs, which are recognisable for their distinctive colours, prints, detail and quality.

www.joules.com                                                                                                                                              

www.joulesgroup.com

 

* Figures are stated as at 27 November 2016

** £30-£100 million turnover category