Wednesday 23 January 2019 12:03 pm | Updated: Monday 03 June 2019 3:09 am

Joules sees half-year sales rise thanks to strong online trading

Fashion retailer Joules today reported a double-digit rise in profits for the half year, boosted by strong online trading.

Joules said pre-tax profits for the 26 weeks to 25 November were up 14.7 per cent on the same period last year to £10.7m.

Total revenue also jumped 17.6 per cent to more than £113m, with online business representing 46.5 per cent of total sales.

The strong results come after a successful Christmas trading period, as the brand continues to buck the downward retail trend.

But Joules warned the rise in online sales had eaten into its margins, which fell 80 basis points on the previous year. Shares in Joules slipped marginally following the update.

Chief executive Colin Porter said: “Joules has delivered another strong performance in the first half of year. As previously reported, this outcome is ahead of our initial expectations for the period and has been achieved despite challenging trading conditions.”

Joules, which is marking its 30th birthday this year, said it continues to expand internationally, with strong trading in the US and Germany.

Paul Hickman, analyst at Edison Investment Research, said: “Joules is primarily a brand owner, ‘agnostic’ to where customers shop, and e-commerce represents 46.5 per cent of total sales: an enviable position for any retailer to be in.”