Joules credits ecommerce for full-year growth
Joules this week said that ecommerce was a key driver behind a double digit rise in retail sales in its latest financial year.
The multichannel brand, a Top150 retailer in IRUK Top500 research, said in a trading update that revenue rose to £185.9m in the year to May 27, 18.4% up on the same time last year. Revenue from retail was up by 15.9%, and wholesale by 24%, or 25.7% on a constant currency basis. The retail performance, it said, “was driven by a very good ecommerce sales performance, as well as continued growth across the group’s UK and ROI (Republic of Ireland) store estate, which benefited from 15 net new stores during the year”. It said sales increased thanks to the increased popularity of the Joules brand and products among a growing customer base.
Wholesale increases came in forward orders for spring and summer clothing from within the UK and from international wholesale customers. Profits, said the company, were expected to be slightly ahead of analyst expectations. This, it said, was a result of maintaining…