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Gloucestershire Business News

Joules raises profit forecast thanks to strong online growth

Fashion and homeware brand Joules has said full-year revenue and profit before tax will be ahead of current expectations.

The business believes financial results will come in ahead of analysts' predictions of £187m revenues and £4.1m pre-tax profit.

Since posting its interim results in January, the business with shops in Gloucester and Cheltenham, said positive performance had continued across its retail channels.

Demand on the Joules' website rose 50 per cent in the year-to-date, up from the 47 per cent for the first half of the financial year.

It also added that Garden Trading, which Joules acquired in February 2021, has performed well over the first three months of business with sales up 85 per cent.

Joules chief executive Nick Jones said: "Although the past 12 months has been incredibly challenging for the retail sector, I truly believe that Joules is now in an even stronger position than ever before,"

"We have an increasingly digital-led business, more diversified income streams and a broader product proposition that is highly relevant to our customers' lifestyles.

"While the retail sector will continue to face near- and medium-term challenges as a result of the pandemic, we look forward to the future with confidence underpinned by the strength and relevance of our brand and business model."

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