Joules reports rise in annual revenue and profit

For the 52 weeks to May 26, 2019, Joules Group plc reported revenue increase of 17.2 percent or 16.8 percent in constant currency to 218 million pounds (271 million dollars). The company said, comparable revenue rose 13 percent, excluding impact of transition of wholesale accounts to retail concession model in the period. Underlying profit before tax increased by 19.4 percent to 15.5 million pounds, while statutory profit before tax increased by 14.9 percent to 12.9 million pounds (16 million dollars).

Commenting on the full year trading, Colin Porter, Chief Executive Officer of Joules said in a statement: "Joules has delivered another strong performance this year with growth across channels and product categories, both in the UK and internationally. These results in a challenging retail sector reflect the strength and appeal of the Joules brand, the flexibility of our ‘Total Retail’ model, and the success of our carefully managed product extension strategy.”

The company’s international revenue increased by 43.5 percent or 40.1 percent in constant currency and now represents 16.1 percent of total group revenue. Group gross margin declined 90 bps to 54.8 percent, while underlying pro forma basic EPS increased by 19.4 percent to 14.1 pence, with statutory basic EPS up by 17.3 percent to 11.6 pence. The company added that active customers increased by 8 percent to 1.5 million. Joules has proposed a final dividend of 1.35 pence per share with total 2.1 pence per share for FY19.

“Looking ahead, whilst the consumer retail environment is anticipated to remain challenging, particularly in the UK, the board and I believe that Joules remains well-positioned for continued success both in the UK and our target international markets,” added Porter.