Joules posts bumper figures as eCommerce hits 50% of revenue

Joules has posted a 17.2% increase in revenue to £218 million for its full-year period ending 26 May 2019.

Its international business continues to go from strength to strength, now representing 16% of total revenue (up from 13% last year), while eCommerce now represents half of retail revenue.

 "As Joules celebrates its 30th anniversary, this strong performance, particularly in our international markets and across our eCommerce and licensing channels, reflects the strength of our distinctive brand as well as the appeal of our products across an ever-increasing range of lifestyle categories,” said Joules CEO, Colin Porter, who will leave the business before the end of 2020.  

“The Group's flexible and integrated 'total retail' model is well suited to meet rapidly evolving consumer shopping behaviours. Supported by this strong momentum and our outstanding brand, growing customer base and skilled colleagues across the world, we continue to look forward with confidence despite well-documented sector headwinds."

The retailer expects its underlying profit before tax to be at the “top end” of analyst forecasts when it announces its preliminary results on 23 July 2019.

Retail analyst at GlobalData, Emily Salter, noted how Joules has been unaffected by the downturn in UK retail.

“Brand longevity can be a concern for lifestyle players, but these results are testament to Joules’ distinctive design handwriting that gives it an edge over its competitors, such as Fat Face which reported muted sales over the Christmas trading period, and Boden. International markets made up approximately 16% of group revenue over the period (up from 13% in FY2017/18), as Joules’ “Britishness” provides significant opportunities for further international growth, especially through its wholesale channel.”

She added: “The retailer’s online platform performed ‘particularly well’ over the year, but its stores still remain important (it currently has 124 standalone stores), and are well-maintained to ensure an attractive shopping environment in line with its brand identity that helps to drive footfall and sales.”