Joules sales rise 18.2 percent, EBITDA up 22.5 percent
31 Jan 2018
Joules Group revenue increased by 18.2 percent or 17.5 percent in constant currency to 96.2 million pounds (136 million dollars) for the 26 weeks to November 26, 2017, which the company said were driven by growth across retail and wholesale channels. Retail revenue for the period increased by 16.2 percent with ecommerce sales up 19.7 percent and store sales up 14.2 percent.
Commenting on the interim update, Colin Porter, Chief Executive of the company said in a press release: “The Joules brand has continued to perform very well, delivering growth in customer numbers and further expansion across channels, product categories and target markets. Whilst trading conditions look set to remain challenging across the sector, with our differentiated brand, unique product offer, loyal and growing customer base, exceptional team and well-invested infrastructure, Joules is well positioned for continued progress and expansion.”
Wholesale revenue during the period under review, increased by 23 percent or 20.6 percent in constant currency, while international revenue increased by 26.4 percent and now represents 11.3 percent of group revenue.
Underlying EBITDA increased by 22.5 percent year on year to 13.3 million pounds (18.8 million dollars) with EBITDA margin increasing 40 basis points to 13.8 percent and active customer base increased by 18 percent to 1,090,000. The company has announced an interim dividend of 0.7 pence.
Joules added that retail sales over the Christmas period January 7, 2018 were up 19.2 percent year on year and the board now anticipates that full year profit to be slightly ahead of the range of analysts’ expectations.