Online shoppers help Joules return to profit with £122m e-commerce sales
Joules has returned to profit after online sales contributed to full-year revenues climbing to almost £200m.
The fashion and homeware retailer reported group revenue increased by 4.3 per cent to 199.million despite lockdowns forcing stores to shut for periods and cancellations of the brand’s country shows.
Online sales were up by 48 per cent to 122m compared to £82.7m the previous year with e-commerce making up 77 per cent of the group’s retail revenue. Online shoppers represented 56 per cent of sales the previous year.
Overall shop and show sales saw a drop to £36.6m from 63.2m due to the shutdown of non-essential retail stores for six months and event cancellations across the country.
Wholesale revenue was £35.3m, including the freshly acquired Garden Trading brand. This marked a 17% reduction on last year’s figure of £42.7m, which the retailer said reflected the ongoing impact of the brand on the group’s wholesale partners.
Statutory profit before tax for the 52-week period ended 30 May 2021 was £2.0m, compared to a loss of £24.8m the year prior.
The retailer said it was well-positioned to deliver on its growth plans in the new financial year thanks to an increase in products and increasing diversification of its digital side.
“It is safe to say that FY21 was characterised by truly unprecedented trading conditions. Against this backdrop, the group delivered strong strategic progress, including growing our digital proposition, 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,” Nick Jones, chief executive officer of Joules, said.