Joules witnesses retail growth despite 'challenging' conditions
Lifestyle brand Joules reported retail growth and improved gross margins for the first half of its financial year on Thursday despite the "challenging" trading conditions witnessed during the period.
Joules said that despite the "widely publicised challenging trading environment" it had delivered "a robust performance" with six-month revenue growth of 1.3% year-on-year.
Retail revenues increased by 3.1%, alongside an improvement in the firm's gross margins, thanks to the firm's disciplined approach to promotional activity.
The AIM-listed group stated that the solid revenue performance was driven by strong e-commerce growth, supported by its "distinctive" product offer, enhancements to its customer proposition and continued growth in its active customer base.
Wholesale revenues meanwhile decreased 3.8% reflecting the conversion of some larger accounts to retail concessions, while international revenues continued to grow and represented approximately 17% of group sales at period-end.
Joules also said it was confident of delivering further growth as it approached the all-important Christmas trading period.
Chief executive Nick Jones said: "Joules has delivered further profitable growth during the period despite the continued challenging trading environment.
"This performance again reflects the appeal of the brand, the flexibility of our 'Total Retail' model and the hard work and skill of our team who have not only helped deliver growth in this tougher climate but have also launched innovative new initiatives like 'Friends of Joules' that create future growth opportunities."
As of 1030 GMT, Joules shares were up 0.79% at 225.76p.