British fashion company Joules' online business grew by more than 50% with sales reaching £187 million

British fashion company Joules said that store sales have exceeded expectations since reopening due to sluggish consumer demand, while e-commerce demand increased by 50% in the first 11 months of the fiscal year compared with the same period last year, according to foreign media reports.

The fashion-to-homewares lifestyle retailer, ranked in the top 150 in the RXUK Top500 research , now expects both sales and pre-tax profits to beat analyst expectations, with the current consensus for sales of £187m and pre-tax profits of £4.1m.

In a trading update for the 11 months to May 2 , Joules said online business was now growing 50% faster than last year. That was only an improvement on the 47% online sales growth recorded in the first half. It said sales continued to grow strongly in the digital lifestyle marketplace , its third-party brand sales channel .

Meanwhile, sales at the stores have exceeded expectations since reopening on April 12 and were also ahead of schedule in the first four weeks of 2019. Joules said this reflected pent-up consumer demand and lifestyle sales at the branch, which now includes stores in North Berwick and two in Centre Parcs - with plans to expand to five in the coming months.

Joules chief executive Nick Jones welcomed the result, saying it reflected "the strength of our product proposition, the flexibility and diversification of our business model and the relevance of our brands to a growing number of customers."

He added: “Our digital proposition continues to evolve and we are very pleased with their performance since our retail stores reopened. Our business is increasingly digitally led, with more diversified revenue streams and product positioning that is highly relevant to our customers’ lifestyles.

Founded in 1989 and headquartered in Market Harborough, Joules currently sells to customers online through four websites (UK , US , Germany and global sites) as well as in 125 stores, 34 concessions and three franchises. The company said today that its recent acquisition, Garden Trading, had made an "encouraging initial contribution".

Earlier this month, Joules said it had extended its 25 million pound credit facility with Barclays until September 2024 , with interest rates linked to its ESG (environmental and social governance) performance.

Joules

Online

U.K.