Online demand boosts Joules full year revenues

Image: Joules For the year ended May 30, 2021, Joules has reported revenue increase of 4 percent to approximately 199 million pounds. The company said in a release that revenue rose despite the significant challenges impacting the retail sector during the financial year. The company added that it expects to report pre-tax profit in the range of 5.5 million to 6.5 million pounds, slightly ahead of current market expectations. Commenting on the trading update, Nick Jones, chief executive officer of Joules, said: “The impact of the coronavirus pandemic on the lives of consumers, the level of disruption and pace of change in the retail sector over the past 12 months has been truly unprecedented. I am delighted that, against this backdrop, Joules has been able to deliver a very solid financial performance and strong strategic progress.” Highlights of Joules full year result The company’s retail revenue, which includes e-commerce sales as well as the group’s stores, increased 9 percent year on year as a result of strong sales growth through the group’s own digital channels with demand on Joules’ own websites, which includes the Friends of Joules online marketplace, growing approximately 48 percent year on year. Joules further said that the group’s stores have performed ahead of management’s expectations since their re-opening following the third national lockdown, with sales for the eight weeks since reopening ahead of the comparable period two years ago. The group has also opened three new stores at Center Parcs’ Sherwood, Whinfell and Elveden locations, taking the total number of Joules’ Center Parcs stores to five. The company said, reflecting the enforced closure of Joules stores for approximately half of the year, store sales reduced by approximately 41 percent year on year. Garden Trading revenues were approximately 78 percent higher than the comparable prior year period, while the group’s wholesale sales reduced by approximately 17 percent.
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