Joules to "comfortably" beat profit estimates as sales soar

 
Helen Cahill
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Joules has been smashing expectations (Source: Joules' website)

Clothing retailer Joules said today that its profits for the year will be "comfortably" ahead of expectations due to soaring sales.

The UK retailer said revenues for the year ending May 28 jumped 19.6 per cent to £157m. It also strengthened its margins by ensuring more sales were made at full price.

Over the year, the firm opened 11 new outlets.

Read more: New Look's directors skip bonuses as sales fall

At time of writing, Joules' share price was up 5.39 per cent at 301p.

Joules' success comes as other retailers struggle with falling high street sales and rising input costs.

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

"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."

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