Jubilee year sees strong results for clothing brand

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No Caption ABCDE NNL-150829-204550005

Clothing company Joules, based in Market Harborough, is celebrating its jubilee with strong financial results.

Joules, which has been going for 25 years, has unveiled its results for the year ending May 31.

The anniversary has seen a revenue growth of 22 per cent to £117.1 million and a growth in gross profit of £9.5 million.

It has also seen significant investments made in infrastructure to support planned international growth and the opening of 13 new stores, bringing the total number of stores for the chain to 99.

It’s earnings before interest, taxes, depreciation and amortisation also rose by 18 per cent to £10.7 million.

Retail sales from stores or online continued to grow by 24 per cent during the year.

This growth was fuelled by the opening of 13 new stores. Joules is due to open its 100th store before Christmas.

Founder and local businessman Tom Joule said: “I am delighted to report we marked our 25th year with a record performance and another period of exceptional growth for the Joules brand.

“We continue to develop as a lifestyle brand across categories and distribution channels and have experienced fantastic momentum in our home market in the UK as well as
international markets, where we are establishing the 
brand.

“We remain absolutely focused on carefully growing Joules across both new and existing markets while ensuring the brand remains loved by our loyal community of existing customers as well as attracting new ones.

“Our customer database grew by 25 per cent during the year, highlighting the appeal and strength of the brand.

“We remain hugely excited about the growth opportunities for Joules across product categories, territories and distribution channels and I would like to take this opportunity to thank all the members of the team at Joules who contributed to another fantastic year.”

The growth is supported by the launch of a new click and collect services in 2014. Direct retail sales, made up of e-commerce and catalogue made up 34 per cent of total retail sales.

This month sees the relaunch of and improvements to Joules.com.

Wholesale grew by 17.9 per cent with continued expansion through retailers such as John Lewis and Next as well as smaller, independent firms.

International sales increased by 65 per cent compared to 44 per cent in the previous year.

Customers in the US have also shown an interest in the brand.

Joules delivered growth across the main womenswear, menswear and childrenswear categories as well as further development of both homeware and eyewear, which was launched late in 2014 in partnership with Mondottica and has received a positive reaction from customers.

For the future, the management team is focusing on long term sustainable development of the Joules brand, as demonstrated by further investments made during the year.

Significant investments were made in infrastructure to support international growth as well as continued investment in UK retail stores and strengthening e-commerce.

In June, Joules announced the signing of an additional £11 million credit facility secured from Barclays, taking its total facility with Barclays to £26 million, to support expansion and growth