Annual Results for the 52 weeks ended 29 May 2016

07 Sep 2016

A full statement can be viewed here.


                                                                     2016                          2015
                                                                     52 weeks                   53 weeks              Change

Group Revenue                                          £131.3m                     £116.4m                12.8%
-    comparable 52 week basis1                                                                                    14.2%
Underlying2 EBITDA                                 £13.5m                      £10.5m                 28.6%
Underlying Profit Before Tax3                  £7.5m                        £5.3m                   41.5%
Basic underlying EPS4                               6.9p                            4.8p                      42.9%


•    Group revenue increased 14.2% for the comparable 52 week period
•    Retail sales increased 12.8%1    
       o    E-commerce sales up 17.3%1 supported by the re-launch of in September 2015
       o    Store sales up 13.1%1 supported by 10 new store openings
•    Wholesale sales increased 18.3%1 reflecting the growing appeal of the Joules brand in the UK and target international markets
•    International revenue now represents 10.1% of Group revenue
•    Joules active customer base increased by 33% to 824,000
Colin Porter, Chief Executive, commented:
“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. 

Group trading to date in FY17 has been in line with expectations and early feedback on our Spring/Summer 17 ranges from our trade customers has been positive.  The Group has a clear growth strategy, underpinned by the consistent quality and design of our products and the skill and commitment of our enterprising team.

The Board remains confident in the brand’s long term development in the UK and internationally.”

1 On a comparable 52 week basis, FY15 was a 53 week period.  
2 Underlying excludes exceptional and non-recurring items, primarily related to the costs of admission to AIM and the capital structure in place prior to admission.  
3 Reconciliation to Statutory profit before tax:

£million                                                 FY16        FY15
Underlying profit before tax               7.5           5.3
IPO transaction costs                         (2.7)            -
Shareholder loan note interest          (5.6)        (4.6)
Exceptional asset impairment            (0.3)       (0.5)
Other non-recurring items                (0.1)         (0.1)
Statutory profit before tax                 (1.2)          0.1

4 Earnings Per Share is calculated as: underlying PBT (as described above) less tax at the statutory tax rate, on a pro forma basis i.e. assuming that the number of shares in issue immediately post-IPO were in issue through the entire period.


About Joules
Joules is a British, premium lifestyle brand.  The Group designs and sells Joules branded clothing, footwear, accessories and homeware and operates a balanced multi-channel proposition which encompasses retail (stores and e-commerce), wholesale and other smaller channels such as country shows and events and licensing.
Joules has 97* UK and ROI stores, a customer database of approximately 2 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 and, in 2015, won “Fashion Retail Business of the Year” in the £30-£100m turnover category at the Drapers 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.                   


*As at 29 May 2016