Joules cheers online success at Christmas sales jump
Upmarket clothing firm Joules has thanked a strong online performance for helping send festive sales surging by nearly 12%.
The group – famous for its bright wellies and outdoor clothing – saw comparable retail sales rise 11.7% over the seven weeks to January 6.
It said online trade accounted for almost half of total retail sales thanks to purchases through its website and concession partners.
Shares in the firm rose 6% after its Christmas trading update.
Colin Porter, chief executive of Joules, said: “I am pleased to update on a continued strong retail performance for Joules through the important festive trading period, which represents an improvement from the retail sales growth in the first half of the year.
“This good growth was achieved despite the ongoing backdrop of challenging sector trading conditions.”
The Christmas sales performance marks a step up from the 10% rise in retail sales over its half-year to November 25.
Retail experts at Liberum praised Joules’s “resilience and customer appeal”.
They said that the strong online performance “reflects the resonance of the brand and products online supported by management’s successful digital strategy which has driven good uptakes to social media, digital marketing and targeted promotional activity”.
Market Harborough-based Joules – which was founded by Tom Joule in 1989 – has 123 stores across the UK and Ireland, as well as an online arm and wholesale business that supplies over 2,000 stockists worldwide.
The brand is available across the United States, Germany, France and other European markets, with global sales now accounting for around half of total wholesale revenue.
It recently revealed contingency plans for a hard Brexit, including setting up an EU distribution hub and moves to order products early.
In the details outlined last month, Joules also said that it is bracing for expected increased administrative activities and is ramping up its currency hedging activities in anticipation of volatility in the pound as Brexit day approaches.