Joules had released an update on its results for the six months to 28 November ’21. It said that group revenue had risen by 35 per cent from the previous year to reach £128m – this comprised an 80 per cent uplift in-store sales bringing them to just 3 per cent under pre-pandemic levels for the period. Meanwhile, eCommerce revenues were up by 14 per cent YOY.
The lifestyle retailer had opened five stores within Centre Parcs and enjoyed 4 per cent growth from its recently acquired Garden Trading business. It did however cite supply chain issues having resulted in both higher costs and delays in product delivery schedules. This, Joules said, impacted on its sales during the Black Friday period. It added that its full-year profit before tax would be in the region of £9m – £12m.
CEO Nick Jones said: “Joules has achieved good revenue growth against the prior two comparative periods reflecting the strength of the group’s flexible model and despite a challenging external trading environment. Alongside the strong appeal of our core Joules brand, the group continues to benefit from its increased diversification through Friends of Joules and garden Trading, both of which continue to give customers even more reasons to shop with us.
“Whilst we have not been immune to certain industry-wide pressures including supply chain disruption and cost inflation, we remain focused on delivering the group’s long-term growth strategy. We have continued to invest in the business to support our plans and, despite the high levels of near-term consumer uncertainty, we remain very confident in achieving the group’s exciting future potential.”
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