Joules beats market expectations as recently acquired garden retailer provides boost
Profit and revenue at Joules for the last financial year beat expectations, with its recently acquired garden and outdoor product store performing particularly well.
In a pre-close trading update this morning, the fashion retailer said revenue had increased four per cent to £199m, up around £8m from the previous year.
Profit before tax for the year is anticipated to be in the range of £5.5m – £6.5m, slightly ahead of current market expectations.
In February the retailer bought Garden Trading Company, a garden furniture and gardening accessories store, which as traded around 78 per cent higher than in the comparable period last year.
The group said it put in a “strong digital performance”, and that stores have performed ahead of expectations since their re-opening following the third national lockdown.
The business also opened three new stores at Center Parcs’ Sherwood, Whinfell and Elveden locations, bringing its total number of Center Parcs stores to five.
Nick Jones, CEO of Joules, said: “As we move into the new financial year, Joules is now a stronger and more diversified business than ever before.
“The continued success and growth of our Friends of Joules digital marketplace and our strengthened position in the home, garden & outdoor sector following the acquisition of Garden Trading means that we now offer significantly more products across more categories and provide our customers with more choice and reasons to shop with us.
“As a result of the strength of the Joules brand and the increasing diversification of the group’s digital-led business model, we believe that the group is very well positioned to continue to deliver its ambitious growth plans.”