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Joules ups full-year outlook following strong stores sales

By Huw Hughes

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Business

Image: Joules, Facebook

Joules has increased its full-year profit and revenue outlook following strong sales since stores were allowed to reopen in the UK last month.

The British fashion and lifestyle brand said its stores have performed ahead of management’s expectations, and for the four weeks since reopening were ahead of the comparable period two years ago.

Since its interim results, Joules opened new stores in North Berwick and Centre Parcs Woburn and Longleat - the first of five Centre Parcs locations due to open over the coming months. It also relocated two stores to brand-enhancing locations in Beverley and Cirencester.

Digital boost

The company said its e-commerce channel also continued to deliver strong growth, with demand on its websites increasing approximately 50 percent year-to-date, up from the 47 percent growth reported for the first half of the financial year.

The company also said it saw an “encouraging initial contribution” from its acquisition of home and garden furniture business Garden Trading, which performed ahead of expectations over the first three months since the acquisition.

Joules said this positive trading, combined with the government’s announcement Monday of the further easing of lockdown restrictions, means it now anticipates revenue and profit before tax for the year to be ahead of current analyst consensus expectations.

“We are delighted with the group’s continued momentum, which reflects the strength of our product proposition, the flexibility and diversification of our business model, and the relevance of our brand to an increasing number of customers,” said CEO Nick Jones in a release.

Jones said that despite an “incredibly challenging” 12 months, he believes the company is now “in an even stronger position than ever before”, with “an increasingly digital-led business, more diversified income streams and a broader product proposition that is highly relevant to our customers’ lifestyles”.

Joules