Source - SMW
Lifestyle brand Joules expects full-year pre-tax profits to be comfortably ahead of its previous forecasts.

A pre-close update for the year to 28 May said that revenues increased by 19.6% year on year to £157.0m (18.6% growth on a constant currency basis) as the group's strong performance in the first half of FY17 and the Christmas trading period continued during the second half of the period.  

Joules - which listed on AIM in May 2016 - said the strong growth was a reflection of the brand's expansion in the UK and international markets, its growing customer base, and the positive customer responses to both new and core ranges across product categories throughout the period.

Retail revenue increased by approximately 19.4% on the prior year (19.4% on a constant currency basis).  

The group said this performance was driven by strong growth in the e-commerce channel as well as continued growth across its UK and ROI store estate where the group opened 11 net new stores in the period.

Joules said the wholesale segment was up by approximately 20.3% on the prior year (17.6% on a constant currency basis).   

It said this good performance was in line with the board's expectations and driven by strong growth in the spring/summer order-book from both its UK and international wholesale customers.

The group said the board anticipated reporting FY17 group profit before tax comfortably ahead of its previous expectations.

The group said it would announce its preliminary results for the 52-weeks to 28 May on 26 July.

Chief executive Colin Porter said:  "The appeal and strength of the Joules brand continues to resonate with our loyal and growing customer base.   

"The brand's growth continued in the second half of the financial year, building on the strong performance in H1.  

"As a result of the brand's momentum across channels and product categories, the board anticipates reporting profits for the full year comfortably ahead of its previous expectations.

"Our focus on our brand and our customers as well as our steadfast commitment to product quality remain the bedrock for the group's growth and success.  

"Underpinned by these strengths, the Board has confidence that Joules's momentum will continue into FY18, despite the uncertain macro-economic outlook.  

"This confidence is supported by the growth in our customer base and our exciting new store opening plans, as well as a robust autumn/winter wholesale order-book both in the UK and internationally."


At 9:10am: (LON:JOUL) Joules Group Plc share price was +13p at 299p