IPO suits Joules well: FY17 revenues up by 19.6 percent

The British fashion label is savouring the sweetness of success after their owners took it public last year. In the year to May 28, its first year as a listed company, Joules saw a 19.6 percent rise in revenues to 157 million pounds.

The trading update sent its shares flying as it revealed double-digit revenue growth for the past year. Its wholesale revenues also improved, adding 20.3 percent, while retail revenue registered a boost of 19.4 percent year-on-year.

Market analysts following the stock have issued positive outlooks for the company, which improved its profit guidance ahead of its preliminary results.

Commenting the company’s update, Colin Porter, Joules’ CEO said: “The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base. The board has confidence that Joules’ momentum will continue into FY18, despite the uncertain macro-economic outlook. The confidence is supported by the growth in our customer base and our exciting new store opening plans, as well as a robust Autumn/Winter wholesale order-book both in the UK and internationally.”

Joules’ share price has risen 54cpercent in the last year since it successful initial public offering (IPO) of shares which raised 140 million pounds in May 2016.