6th Jun 2019 09:04
LONDON (Alliance News) - Joules Group PLC on Thursday said it expects its annual profit to beat analysts' expectations after recording a double-digit increase in revenue.
Shares in the homeware and fashion retailer were trading up 5.5% at 269.00 pence each early Thursday morning.
Market consensus compiled by the company puts Joules's pretax profit for the financial year that ended on May 26 at between GBP14.8 million and GBP15.3 million. In financial 2018, the retailer generated pretax profit of GBP11.2 million.
Joules said revenue jumped 17% to GBP218.0 million from GBP185.9 million a year ago. This was due to "strong momentum" continuing beyond the Christmas period and into the second half.
Retail revenue was up 23% to GBP159.1 million, while Wholesale revenue rose 2.9% to GBP57.1 million. Finally, Licensing revenue multiplied to GBP1.8 million.
E-commerce performed "particularly well" in the financial year, as it now represents half of the company's retail revenue.
"This growth, achieved against the backdrop of a challenging sector trading environment, is testament to the strength of the Joules brand, the appeal of our products and the continued strong growth of our international business, which now represents approximately 16% of group revenue," the company said.
Joules will publish its annual results on July 23.
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