Joules, the British clothing retailer, has upped its full-year profit guidance. And it isn’t surprising considering that increase in e-commerce sales as well as reopening of stores have boosted retailer’s sales for 11 months ended 2 May 2021.
Consequently, the fashion retailer now believes that sales and profits for FY2021 will beat analysts’ forecast of £187 million revenue.
The retailer also said that the pre-tax profit before exceptional items would also better £4.1 million predicted by analysts.
While sales on Joules’ website, during the year, rose by an impressive 50 per cent, its digital marketplace for third-party lifestyle brands (Friends of Joules) also did good business.
Even Joules’ in-stores sales performance was good! The sales for the 4 weeks, after stores reopened in England and Wales in April, were more than what it was during the same period in 2019.
So, 2021 continues to be a good year for Joules, which had earlier this year also launched new stores in North Berwick, and at Center Parcs locations Woburn and Longleat.
Expressing confidence, Nick Jones, CEO, Joules, said that increasingly digital-led business, more diversified income streams and broader product proposition has put the retailer in a stronger position than before.
Founded in 1989, Joules is majorly known to sell clothes at country shows.