Joules sales jump as international expansion continues

Joules sales have continued to rise, jumping an estimated 16.2% in a pre-close update for its first half.

Sales reached £81.4m in the 26 weeks to November 27 2016. Joules attributed this to its growing footprint and customer base and good performances from both core and new ranges.

Retail revenue rose 15.8% to £56.7m while wholesale growth jumped 17.2% to £24.5m.

Joules has had an excellent run since it listed on AIM earlier this year, posting a 41% increase in pre-tax profits in September.

The retailer opened 10 new stores during the six months to November 27 and continued to develop its international presence, launching kidswear in the US and expanding product ranges in that territory.

It also appointed its first ever chief customer officer, poaching Lysa Hardy from Holland & Barrett.

Chief Executive Colin Porter said: “The group has continued to perform well throughout the first half of the financial year delivering strong growth across all channels. This reflects the strong appeal and quality of our products as well as the appeal of the Joules brand to both new and existing customers.

“We look forward with confidence to the second half of the financial year and beyond, despite the uncertain macro-economic outlook. We have seen strong growth in our wholesale order book for Spring/Summer 17 and we are well positioned for the Christmas trading period.”

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