Harborough-based clothes retailer Joules is back to making a profit after battling through a tough 18 months amid the Covid outbreak

The high-profile fashion and lifestyle company saw full-year revenues soar to almost £200 million

Wednesday, 4th August 2021, 3:51 pm
Updated Wednesday, 4th August 2021, 3:52 pm
Market Harborough-based clothes retailer Joules is back to making a profit after battling through a tough 18 months amid the Covid outbreak.

Market Harborough-based clothes retailer Joules is back to making a profit after battling through a tough 18 months amid the Covid outbreak.

The high-profile fashion and lifestyle company saw full-year revenues soar to almost £200 million.

The robust performance has been supercharged by a remarkable surge in online sales.

Joules reported a pre-tax profit before exceptional costs of £6.1 million for its financial year ending May 30.

This was within the forecast and compares to a loss of £3.9 million the previous year.

The firm has turned a loss of £24.8 million into pre-tax profit of £2 million.

Full-year revenue climbed by 4.3 per cent year-on-year to £199 million.

The result was powered by a 48 per cent spike in online sales, which generated £122 million for the year.

But store sales fell steeply to £36.6 million from £63.3 million.

Joules said the plunge was sparked by the forced closure of non-essential retail stores - and the cancellation of big public shows and events caused by the coronavirus crisis.

Its shops were shut for about six months of the fiscal year compared to just two months the year before.

”It is safe to say that FY21 was characterised by truly unprecedented trading conditions,” said Joules chief executive Nick Jones.

“Against this backdrop, the group delivered strong strategic progress, including growing our digital proposition, increasing our active customer base, and further diversifying as a leading lifestyle platform with the successful acquisition of Garden Trading and the continued expansion of [marketplace] Friends of Joules.

”At the centre of our growth strategy remains the strong Joules brand.

“During the year we continued to deliver on our brand’s clear mission and purpose – to brighten our customers’ lives and conduct business in a responsible way,” said Mr Jones.

“As more and more consumers increasingly valued their leisure time spent outdoors and time doing the things they enjoy with the people they love, our brand has become increasingly relevant to a greater number of customers, reflected by brand health metrics reaching all-time highs.

”As we move into the new financial year, the continued success and growth of Friends of Joules and our strengthened position in the home, garden and outdoor sector means that the group now offers significantly more products and categories than ever before, therefore providing customers with greater choice and more reasons to shop with us.”