Joules Group plc Pre-Close Trading Update (5688Q)
June 07 2018 - 2:00AM
UK Regulatory
TIDMJOUL
RNS Number : 5688Q
Joules Group plc
07 June 2018
Joules Group plc
('Joules' or the 'Group')
Pre-close Trading Update
Continued expansion of the Joules brand within the UK and
international markets
Joules, the premium British lifestyle brand, today provides a
trading update covering the 52-week period to 27 May 2018 (the
'Period' or 'FY18').
Group revenues increased by 18.4% year on year to GBP185.9
million (18.8% growth on a constant currency basis) as the Group's
strong momentum throughout the first half of the year and Christmas
period continued in the second half. This performance reflects the
appeal of the Joules brand, our distinctive product offering and
growing customer base.
Retail revenue increased by approximately 15.9% on the prior
year (15.9% on a constant currency basis). This performance was
driven by a very good e-commerce sales performance, as well as
continued growth across the Group's UK and ROI store estate, which
benefited from 15 net new stores during the year.
Wholesale revenue increased by approximately 24.0% on the prior
year (25.7% on a constant currency basis). This was driven by
strong growth in the Spring/Summer order-book from both our UK and
international wholesale customers.
The Board anticipates that the Group gross margin will be
marginally ahead of the prior year. This is a result of maintaining
promotional discipline within retail channels and an improved gross
margin in international wholesale, where we have completed the
migration of the US third-party distributor activity to an in-house
model and seen a favourable product mix with an increased
proportion of clothing sales.
As a result of the Group's revenue growth, improved gross margin
and disciplined cost management, the Board anticipates reporting
that the underlying profit before tax for the Period will be
marginally ahead of analyst expectations*.
The Group will announce its Preliminary Results for the 52-weeks
to 27 May 2018 on Wednesday 25 July 2018.
Colin Porter, Chief Executive Officer, commented:
"This performance is testament to the strength and appeal of the
Joules brand and our distinctive products which continue to
resonate with our growing and highly engaged customer base. Our
multichannel approach and 'buy now, wear now' product proposition
has enabled the Group to deliver a performance ahead of our initial
expectations, despite the widely reported challenges in the
sector.
We have made excellent progress against our strategy of further
developing the brand in the UK and target international markets and
we remain confident of continued growth and expansion of the Joules
brand."
*Company compiled analyst consensus for Underlying PBT in FY18
is GBP12.6 million.
Enquiries:
Joules Group plc Tel: +44 (0) 1858 435
255
Colin Porter, CEO
Marc Dench, CFO
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796
4133
Alex Brennan
Lucy Wollam
Peel Hunt LLP, Nominated Advisor Tel: +44 (0) 20 7418
8900
Dan Webster
George Sellar
Liberum Capital Limited Tel: +44 (0) 20 3100
2000
John Fishley
Joshua Hughes
Joules - 'a premium lifestyle brand with an authentic British
heritage'
Established in Britain by Tom Joule nearly three decades ago,
Joules is a premium lifestyle brand with an authentic heritage.
A true multi-channel lifestyle brand, Joules carefully designs
clothing, footwear and accessories for women, men and children, as
well as an expanding range of homewares, toiletries and eyewear
collections, with personality to match those of its customers'
colourful and uplifting outlooks, available through its own retail
stores, online, rural shows and events and wholesale channels.
Quality, Britishness, family values, colour and humour make
Joules stand out from the crowd. This approach, along with an
unwavering attention to detail, and drive to surprise and delight
its customers with unexpected product details, has been central to
the brand's success and expansion and remains at the heart of
everything Joules creates.
www.joules.com | www.joulesgroup.com
Joules Fast Facts
-- Joules is an international brand, available in the UK, USA, Germany, France and other European markets
-- Joules operates 123* stores in the UK and ROI across a range of location types, has a significant online business,
and a well-established wholesale business with more than 1,500 stockists worldwide including John Lewis, Dillards,
Next Label and Nordstrom
-- Joules' talented in-house print design team lovingly hand-draw all of the prints you see within its collections
each season
-- Joules is proud of its British heritage and still has strong roots in Market Harborough, the site of its first
shop and head office - since day one
-- Colin Porter joined as COO in 2011 and became CEO in September 2015, with Tom Joule focusing on the creative side
of the business in his capacity as Chief Brand Officer
-- Joules won Mainstream Brand of the Year at the Drapers Awards 2016 and has previously won the Drapers Best
British Fashion Retailer of the Year at the 2015 awards
-- Joules received Mark of Excellence for The Best Fashion Retailer at the Retail Week Awards 2018
*As at May 2018
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END
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