Joules sees bumper year after store expansion

Fashion brand Joules has predicted it will exceed full-year expectations after a raft of new stores fuelled sales growth in the last year.

Joules, known for its colourful wellington boots, has focused its expansion in the UK on holiday destinations, which have proved more resilient than ordinary high streets, while its British aesthetic has been a hit in US department stores.

Full-year sales surged almost 20% to £157 million in the year to May 28. Retail sales were up 19.4% thanks to the 11 shops it opened in the period and wholesale revenues were 20.3% higher, as customers snapped up its spring/summer ranges.

A move away from discounting and distribution savings also boosted profitability.

Chief executive Colin Porter said: “The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base.”

Joules now anticipates pre-tax profit will be “comfortably ahead” of earlier guidance.

House broker Peel Hunt expects profit to jump 10% to £9.9 million, as “international potential remains significant and sales momentum remains strong”.