With Joules witnessing a rise in its e-commerce and bricks-and-mortar store sales, it wasn’t surprising to see the British clothing retailer forecast its annual profits to be ahead of current market expectations.
In its pre-close trading update for the year that ended 30 May 2021, Joules has predicted its annual profit before tax and exceptional items to be between £5.5 and £6.5 million.
Notably, the retailer’s revenues rose by 4 per cent year-on-year (Y-o-Y) to around £199 million, amidst all pandemic-generated challenges.
Joules has attributed the good performance to the strength of its digital proposition and fast-increasing customer base.
The retail revenue – comprising sales from both online and stores – too increases by 9 per cent Y-o-Y – all thanks to strong sales through digital platform. Importantly, demand on websites of Joules rose by around 48 per cent Y-o-Y.
Also, it is important to note here that 77 per cent of Joules’ retail sales are now generated online.
Joules has said that its stores have performed beyond management’s expectations ever since stores reopened after the last lockdown.
Also Read: Joules raises full-year profit outlook
Joules is a British apparel retailer, which sells clothing and homeware products inspired by British country lifestyles. Founded in 1989, it is known for selling apparels at country shows.