Joules H1 revenues improve 35 percent

For the 26 weeks to November 28, 2021, Joules Group plc said revenue increased by 35 percent to 127.9 million pounds, and store revenue increased by more than 80 percent to 35.5 million pounds reflecting a strong recovery in retail demand to almost pre-pandemic levels.

The company’s statutory PBT after adjusting items of 2.6 million pounds represented an increase of 1.3 million pounds on the prior year.

Commenting on the first half results, Nick Jones, the company’s chief executive officer, said: "Whilst the group experienced strong levels of customer demand that resulted in good revenue growth against the prior two comparative periods, group profitability in the first half was impacted by various factors, most notably the severe inflationary cost environment."

Review of Joules’ first half trading

Total e-commerce sales across the group's websites and third-party e-commerce partners increased by 14 percent against the prior period, and 53 percent on a two-year basis, driven by Garden Trading, acquired in February 2021 and strong performance through the group's digital partners.

The company added that brand awareness increased 2 percent point or a 2.9 percent point increase on a two-year basis to reach record levels and active customers increased by nearly 160,000 in the period to total over 1.9 million.

Gross margin increased by 0.2 percent point to 50.4 percent due to an improved mix of full price sales and recovery of higher margin store revenue, offset by significant increases to freight costs and outbound Brexit duties and taxes.