Pre-close Trading Update
Further brand expansion across markets and channels
Joules, the premium British lifestyle brand, today provides a trading update covering the 26-week period to 26 November 2017, which is the first half of the Group’s 2018 financial year (the ‘Period’ or ‘first half’).
Group revenue for the Period increased by 18.2% (17.5% in constant currency) to £96.2m (H1 FY17: £81.4m), reflecting the brand’s expansion, growing customer base, which is now at more than one million active customers, and the strong performance of both new and core collections.
Retail revenue increased by 16.2% to £65.9m (H1 FY17: £56.7m), driven by good growth across both stores and e-commerce. The Group increased its retail store presence, in line with plans, with the opening of a net 10 new stores across its different store formats during the Period.
Wholesale revenue increased in line with expectations by 23.0% (20.6% in constant currency) to £30.1m (H1 FY17: £24.5m), reflecting the previously reported good growth in the Autumn/Winter 2017 wholesale order book. The brand has continued to expand in its target international markets.
Gross margin in the Period is anticipated to be in line with the first half of the prior year, reflecting continued discipline in promotional activity and an improvement in international wholesale gross margin.
Colin Porter, Chief Executive Officer, commented:
“The Joules brand has performed well in the first half of FY18, delivering further expansion across markets, channels and product categories. The Group’s performance reflects the growing appeal of the Joules brand amongst both new and existing customers across our target markets.
We look forward with confidence to the second half of the financial year, underpinned by the strength of the Joules brand and our collections. Whilst trading conditions will remain challenging, we have seen good growth in our wholesale order book for Spring/Summer 18 and are well positioned for the Christmas trading period.”
Joules Group plc will update on Christmas trading on 9 January 2018. The Group will announce its Interim Results for the 26-week period ended 26 November 2017 on Wednesday 31 January 2018.
Joules Group plc
Tel: +44 (0) 1858 435 255
Colin Porter, CEO
Marc Dench, CFO
Hudson Sandler, Financial PR
Tel: +44 (0) 20 7796 4133
Peel Hunt LLP, Nominated Advisor
Tel: +44 (0) 20 7418 8900
Liberum Capital Limited
Tel: +44 (0) 20 3100 2000
Joules - ‘a premium lifestyle brand with an authentic British heritage’
Established in Britain by Tom Joule nearly three decades ago, Joules is a premium lifestyle brand with an authentic heritage.
A true multi-channel lifestyle brand, Joules carefully designs clothing, footwear and accessories for women, men and children, as well as an expanding range of homewares, toiletries and eyewear collections, with personality to match those of its customers’ colourful and uplifting outlooks, available through its own retail stores, online, rural shows and events and wholesale channels.
Quality, Britishness, family values, colour and humour make Joules stand out from the crowd. This approach, along with an unwavering attention to detail, and drive to surprise and delight its customers with unexpected product details, remains at the heart of everything Joules creates and has been central to the brand’s success and expansion.
www.joules.com | www.joulesgroup.com
Joules Fast Facts
• Joules is an international brand, available in the UK, USA, Germany, France and other European markets
• Joules operates 118* stores in the UK and ROI across a range of location types, has a significant online business, and a well-established wholesale business with over 1,500 stockists worldwide including John Lewis, Next Label, Nordstrom and Dillards
• Joules’ talented in-house print design team lovingly hand-draw all of the prints you see within its collections each season
• Joules is proud of its British heritage and still has strong roots in Market Harborough, the site of its first shop and head office since day one
• Colin Porter became CEO in September 2015, with Tom Joule focusing on the creative side of the business in his capacity as Chief Brand Officer
• At the recent 2017 Drapers Awards, Joules won Fashion Retail Business of the Year Award (£101m-£500m revenue) and also won the Mainstream Brand of the Year Award for the second year running.
* Figures are stated as at 26 November 2017