Joules: riding the wave of e-commerce
Fashion and lifestyle brand Joules’s online sales rose 48% to Â£ 122million for the year through May 30, leading to an increase in overall company revenue 4.3%.
The retailer saw revenues reach Â£ 199million – up from Â£ 190.8million in 2020 – with e-commerce accounting for the lion’s share. Its acquisition of Garden Trading also helped, contributing to a turnover of Â£ 35.5million.
That said, Garden Trading sales were down 17% from the previous year, impacted by store closings and the impact of Covid on its wholesale business partners.
The retailer also saw stores closed for about six months in this fiscal year, compared to about two months in the prior fiscal year, which also impacted store sales. Garden Trading’s contribution, although lower than expected, offset these losses across the group.
The company also managed to convert last year’s loss of Â£ 3.9million into pre-tax profit.
Joules CEO Nick Jones said: âIt’s safe to say that FY21 was characterized by truly unprecedented trading conditions. In this context, the Group made solid strategic progress, notably by developing our digital offering, increasing our active customer base and further diversifying as a leading lifestyle platform with the successful acquisition of Garden Trading and the continued expansion of Friends of Joules. “
Jones adds: âAt the center of our growth strategy remains the strong Joules brand. During the year, we continued to deliver on our brand’s clear mission and purpose: to illuminate the lives of our customers and to conduct our business responsibly. As more and more consumers value more and more their free time spent outdoors and the time they spend doing the things they love with the people they love, our brand has become increasingly more relevant to more customers, as evidenced by brand health indicators reaching unprecedented heights.