Joules has announced double-digit growth in revenue and profits for its first half with underlying profits for the 26-week period ending November 26 up by 14.7 per cent year-on-year, from £9.3 million to £10.7 million. Group revenue rose by 17.6 per cent during the period, from £96.2 million to £113.1 million.
The 30-year-old retail business said that its international revenue increased by 64.2 per cent year-on-year to represent 15.8 per cent of group revenue.
“As previously reported, this outcome is ahead of our initial expectations for the period and has been achieved despite challenging trading conditions,” Joules chief executive Colin Porter said. “The business’s success during this first half of the year is testament to the strength of our distinctive brand and the efforts of our fantastic team.
“We continue to benefit from a well-invested and flexible ‘total retail’ model in the UK, which enables us to respond and adapt to shifting customer preferences. Internationally, the brand continues to grow very well in both the US and Germany.”
Joules had earlier confirmed that it had made contingency plans in the event of a “no-deal” Brexit outcome involving the establishment of a third-party distribution hub within the EU. It also said that it would begin to order products earlier whilst also increasing its currency hedging activities in anticipation of a further devaluation of the pound.
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