Online sales boost Joules revenue to almost £200m

Online sales at Market Harborough-based lifestyle retailer Joules have boosted revenues, according to a pre-closing trading update released this morning (June 23).

Turnover for the year to May 30 are set to increase by 4% to £199m while profit is expected to be in the range of £5.5-6.5m. Both figures are ahead of expectations.

The firm puts the performance down to growth in its online retail channels, including a 48% year-on-year boost through its Friends of Joules website.

However, high street sales dropped by 41%.

Nick Jones, chief executive officer of Joules, said: “The impact of the coronavirus pandemic on the lives of consumers, the level of disruption and pace of change in the retail sector over the past 12 months has been truly unprecedented. I am delighted that, against this backdrop, Joules has been able to deliver a very solid financial performance and strong strategic progress. This outcome primarily reflects, firstly, the strength and relevance of the Joules brand to an increasing number of customers and, secondly, the increasing importance of our digital proposition both to customers and within our business model, with approximately 77% of our retail sales now generated online.

“As we move into the new financial year, Joules is now a stronger and more diversified business than ever before. The continued success and growth of our Friends of Joules digital marketplace and our strengthened position in the home, garden and outdoor sector following the acquisition of Garden Trading means that we now offer significantly more products across more categories and provide our customers with more choice and reasons to shop with us. As a result of the strength of the Joules brand and the increasing diversification of the Group’s digital-led business model, we believe that the Group is very well positioned to continue to deliver its ambitious growth plans.””

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