Joules reveals ‘hard Brexit’ contingency plans as revenues soar

Joules, the Market Harborough-based retailer, has posted half year results ahead of its own expectations.

For the 26 weeks to 25 November, group revenue increased by 17.6% to £113.1m, with overseas sales now making up 16% of all turnover.

The firm has also revealed that contingency plans have been put in place to mitigate the expected disruption that could arise in the event of a ‘hard Brexit’. These plans include establishing an EU based third party distribution facility; scheduling earlier inbound product deliveries for its Spring/Summer 2019 ranges; preparation for expected increased administrative activities; and hedging US Dollar requirements more than 12 months forward.

Colin Porter, chief executive, said: “I am delighted to update on what has been another period of strong performance for Joules despite challenging trading conditions. This performance, which is ahead of our initial expectations for the Period, is testament to the strength of the Joules brand, the engagement of our loyal customers with our product collections, and our fantastic teams.

“In the UK, our ‘total retail’ cross-channel model, underpinned by investment in infrastructure, has proven to be well suited to today’s rapidly changing consumer shopping behaviours. In addition, our international wholesale business continues to make excellent progress by both increasing sales to existing accounts and developing new accounts.”

Click here to sign up to receive our new South West business news...
Close