Joules profits buck retail trend
By Sarah Wood | 24th January 2019
Fashion retailer Joules recorded sales and profit growth ahead of expectations in the first half of its financial year.
The company, which has stores in Cheltenham, Stroud and Gloucester Quays, is bucking the retail trend, with profits for the 26 weeks to 26th November up 14.7 per cent to £10.7 million.
Sales in the same period grew 17.6 per cent from £96.2 million to £113.1 million.
International sales of the quintessentially British brand rose by 64.2 per cent and now represent 15.8 per cent of the company's overall sales.
Colin Porter, Joules chief executive, said: "Joules has delivered another strong performance in the first half of year. This outcome is ahead of our initial expectations for the period and has been achieved despite challenging trading conditions.
"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.
"During 2019 the brand will celebrate its 30th birthday, marking three decades of Joules delivering fun, quality clothing for families and friends to make lasting memories together. We have some very exciting celebrations planned throughout the year built around some of the special moments we have shared with our customers since the Joules story began - when Tom started selling practical clothing with a distinctive twist on a stand at a country show in Leicestershire - back in 1989."
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