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Rain suits Joules well: FY pre-tax profit up by 41.5 percent

By Angela Gonzalez-Rodriguez

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Management |ANALYSIS

British fashion retailer Joules is not one to complain about the weather. Actually, rain suits Joules pretty well as it encourages costumers to buy the brand macs, the boss of the fashion retailer said as he reported pre-tax profit increased to 7.5 million pounds from 5.3 million pounds a year earlier.

The company´s CEO explained Wednesday that the firm’s Right as Rain range, including 139 pounds waterproof jackets, was a “star performer”. As reported by the ‘Evening Standard’, he added: “The rain always helps us”.

In this vein, the company´s CEO Colin Porter said all of Joules’ clothes lines such as summer dresses, experienced growth in the year to May, 29.

Joules’ chief executive officer said it was a “transformational year in the development and expansion of the Joules brand, which included our successful admission to AIM in May”

Joules closes a “transformational year” with a 41.5 percent increase in FY pre-tax profit

Joules has unveiled a 41.5 percent increase in its full-year pre-tax profit in what it has described as a “transformational year”. It´s worth noting that the upscale fashion staples chain completed a successful IPO earlier this year.

On top of reporting a 41.5 percent increase in pre-tax profit to 7.5 million dollars, the fashion retailer said group revenue increased 14.2 percent to 131.3 million pounds in the comparable 52-week period to May 29.

Joules’ e-commerce sales grew 17.3 percent following the re-launch of its website last year, and 10 new store openings bolstered store sales, which increased 13.1 percent, noted the company. Meanwhile, sales at its wholesale division increased 18.3 percent, which the retailer said reflected the “growing appeal of the Joules brand in the UK and target international markets”.

Joules floated on AIM in May at 160p a share. The shares were today down 0.88p to 191.12

Joules chief executive Colin Porter said: “It was a transformational year in the development and expansion of the Joules brand, which included our successful admission to AIM in May.

”We have delivered strong growth across our retail and wholesale channels, significantly increasing profitability by effectively leveraging our operating cost base. Our active customer base and international sales have also grown impressively, all of which is great testament to the growing strength and appeal of Joules as a premium lifestyle brand.”

Porter added that group trading so far in its current year has been “in line with expectations”.

Image:Joules web

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