TIDMJOUL
RNS Number : 2963B
Joules Group plc
06 June 2019
Joules Group plc
('Joules' or the 'Group')
Pre-close Trading Update
Continued expansion of the Joules brand across channels and
markets
Full Year PBT anticipated to be at the upper end of analysts'
expectations
Joules, the premium British lifestyle brand, today provides a
trading update covering the 52-week period to 26 May 2019 (the
'Period' or 'FY19').
Group revenue for the Period increased by 17.2% to GBP218.0m
(FY18: GBP185.9m) as the Group's strong momentum through the first
half of the year and the Christmas trading period continued into
the second half. This growth, achieved against the backdrop of a
challenging sector trading environment, is testament to the
strength of the Joules brand, the appeal of our products and the
continued strong growth of our international business, which now
represents approximately 16% of Group revenue (FY18: 13%).
Retail and Wholesale revenue figures in the Period were impacted
by the transition of some UK wholesale accounts to the retail
concession model - a move that provides Joules greater future
trading flexibility. For comparative purposes the approximate
revenue growth excluding the impact of this transition is disclosed
in the table below:
52-week period to 26 May 2019
Revenue GBPmillion Reported growth Approx. comparative
% growth(1) %
----------- ---------------- --------------------
Retail 159.1 22.7% 10%
----------- ---------------- --------------------
Wholesale 57.1 2.9% 22%
----------- ---------------- --------------------
Other (Licensing) 1.8 147.3% N/a
----------- ---------------- --------------------
Group 218.0 17.2% 13%
----------- ---------------- --------------------
The Group continued to benefit from its flexible and integrated
'total retail' model as well as a steadfast focus on delivering a
seamless and enjoyable experience to customers, irrespective of how
they choose to shop the Joules brand. E-commerce performed
particularly well in the Period, representing half of Group Retail
revenue.
Wholesale revenue benefited from strong growth in our target
international markets, the US and Germany, as well as growth in the
UK. Within Wholesale, international now represents approximately
half of sales, reflecting the continued expansion of the Joules
brand overseas.
Licensing revenue delivered very strong growth during the
Period, driven by the success of both existing and new licensing
partnerships.
The Group's robust gross margin performance reported in the
first half of the year was maintained throughout the Period. As a
result of the Group's revenue growth and disciplined cost
management, the Board anticipates announcing Underlying Profit
Before Tax ('PBT') that is at the top end of the range of external
analyst forecasts(2) for the Period.
The Group will announce its Preliminary Results for the 52-week
period to 26 May 2019 on Tuesday 23 July 2019.
Colin Porter, Chief Executive Officer, commented:
"As Joules celebrates its 30(th) anniversary, this strong
performance, particularly in our international markets and across
our E-commerce and Licensing channels, reflects the strength of our
distinctive brand as well as the appeal of our products across an
ever-increasing range of lifestyle categories.
The Group's flexible and integrated 'total retail' model is well
suited to meet rapidly evolving consumer shopping behaviours.
Supported by this strong momentum and our outstanding brand,
growing customer base and skilled colleagues across the world, we
continue to look forward with confidence despite well-documented
sector headwinds."
(1) Comparative growth percentages show the approximate growth
for Retail and Wholesale on the basis of the prior period being
restated to reflect the impact of the retail concession model.
Note, the prior period restatement is unaudited and approximate
(2) Company compiled range of external sell-side analyst
forecasts for the Period is GBP14.8 million to GBP15.3 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
Guy Pengelley
Liberum Capital Limited Tel: +44 (0) 20 3100
2000
John Fishley
Edward Thomas
Joules - 'a premium lifestyle brand with an authentic British
heritage'
Established in Britain by Tom Joule three decades ago, Joules is
a premium lifestyle brand with an authentic heritage.
The Joules story began in 1989, when Tom Joule started selling
clothing on a stand at a country show in Leicestershire. Today, it
is a true multi-channel lifestyle brand; its products are available
through its own retail stores, online, at rural shows and events
and wholesale channels both in the UK and internationally.
Joules carefully designs and sells clothing, footwear and
accessories for women, men and children, as well as ever-growing
homeware, eyewear and licensed product collections.
The brand's values of quality, Britishness, family and humour,
coupled with its unique use of colour and print set Joules apart.
This approach, along with an unwavering attention to detail and
drive to surprise and delight its customers with unexpected
details, has been central to the brand's success and remains at the
heart of everything Joules creates.
During 2019 the brand is celebrating its 30(th) birthday,
marking three decades of Joules delivering fun, quality clothing
for families and friends to make lasting memories together. The
brand has some very exciting celebrations planned throughout the
year, built around the special moments shared with its customers
since the Joules story began back in 1989.
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 124* stores in the UK and ROI across a range
of location types, has a significant online business and a
well-established wholesale business with over 2,000 stockists
worldwide, including John Lewis and Nordstrom
-- Joules' talented in-house print design team lovingly
hand-draw all the prints and unexpected unique details 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 2010 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' performance has been recognised through a number of awards including:
-- Best Licensed Fashion or Talent Brand Award - Brand & Lifestyle Licensing Awards 2019
-- Best Licensed Gifting Product Award - Brand & Lifestyle Licensing Award 2019
-- The Best Fashion Retailer (Mark of Excellence) - Retail Week Awards 2018 and 2019
-- Fashion Retail Business of the Year (GBP101m and GBP500m
turnover) - Drapers Awards 2017 and 2018
-- Drapers Mainstream Brand of the Year - 2016 and 2017
*As at 26 May 2019, excluding concessions (34 concessions)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTFAMRTMBJMBBL
(END) Dow Jones Newswires
June 06, 2019 02:00 ET (06:00 GMT)
Joules (LSE:JOUL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Joules (LSE:JOUL)
Historical Stock Chart
From Sep 2023 to Sep 2024